The Bundesliga side remains keen on signing the unsettled Belgium international but says it is unwilling to take him on loan if it cannot ensure a permanent deal.
The Belgium international has struggled to make an impact at Stamford Bridge since joining the club from Genk in January 2012. His lack of game time has even led teammate Eden Hazard to claim that he would be better off leaving the Blues in search of regular minutes while Belgium coach Marc Wilmots feel that he should consider a move to Schalke.
However, Wolfsburg appears likeliest to sign the 22-year-old, with Allofs keen on bringing De Bruyne to the Bundesliga on a permanent basis.
"If Chelsea wants to sell him, we are ready to buy him or loan him with an option to [buy]," he told Wolfsburger Allgemeinen Zeitung. "We are not interested in a pure loan agreement."
Wolfsburg coach Dieter Hecking has previously said that the Bundesliga side wanted to bring in the Belgian during the recent transfer window but Chelsea would not allow him to leave.
De Bruyne has made five appearances for Jose Mourinho's side this season but has started only two games - Capital One Cup ties against Swindon and Arsenal - since August.