The Brazilian made 32 appearances for the treble-winners last term but faces an uncertain future at the Allianz Arena following the signing of two high-profile midfielders
The Brazilian competed with Bastian Schweinsteiger and Javi Martinez for a place in the Bavarians' midfield last term, but faces an uncertain future after new coach Pep Guardiola opted to bring in two midfielders during the summer transfer window.
There would appear to be no shortage of possible suitors for the 26-year-old - who lifted the Confederations Cup with Brazil in June - and though he says he is happy at the Allianz Arena, he refused to rule out a departure.
He told Sport-Informations-Dienst: "I am very happy at Bayern. I have two years left on my contract, but you don't know what will happen until August 31."
Speculation surrounding Gustavo's possible exit has sparked interest from Wolfsburg, with the Bundesliga side's coach Dieter Hecking expressing his desire to sign the player.
He said: "If Luiz Gustavo isn't happy with his role at Bayern and if a change of club ahead of the 2014 World Cup makes sense, then we could make a deal"
Gustavo scored four goals in 32 appearances for Bayern last term.