The reigning European champions had been linked with the Schalke attacker, but the chairman says they will only sign players who provide more quality "immediately."
The 20-year-old has reportedly attracted attention from several top European clubs over the past year, including the Bavarian giants.
Bayern sporting director Matthias Sammer had previously hinted at a move for Draxler, but now Rummenigge has categorically ruled Die Roten out of the race to sign the Germany international, saying the club is only interested in signing players who are the finished product.
"I can assure that we will not buy Julian Draxler this summer," the 58-year-old told Welt am Sonntag. "I do not know [if he wants to join Bayern]. We never talked to his agents. In my opinion the public do not understand our transfer policy yet.
"We will not buy any players from Dortmund or Schalke only to hurt them. We will buy only players who bring more quality to the club immediately. In the past we bought some players to be better prepared for the future because some of our players were becoming older than 30. But we will not do that anymore."