The midfielder will reveal his choice by Wednesday morning, with his representative claiming the player is still undecided on his next move.
Widespread reports in recent days have claimed the midfielder is set to join Real Madrid after failing to agree to a new deal with Bayern as his contract enters its final year.
Kroos, 24, had previously been linked with a move to Manchester United, but his agent says no definite decision has yet been made, although he added there will be an announcement by the middle of the week.
"It is not decided where Toni Kroos is heading. I can guarantee that," Volker Struth told Express. "We will travel to Mallorca on Tuesday when we will sit together and decide what he will do. On Tuesday evening or Wednesday in the morning we will announce the decision."
The news appears to contradict quotes from Kroos himself, who stated that he already knew where he would be playing next season in a recent interview.
Bayern spokesman, Markus Horwick, said the Bundesliga champion would only make a statement after confirmation from the player and his camp.
He said: "We are waiting for an official reaction by Toni or his management. Only then we can speak about it."
Kroos was part of the Germany side that lifted the World Cup on Sunday after Mario Gotze fired it to a 1-0 win over Argentina in extra time.