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 attracted attention from several top European clubs over the last year, including the Bavarian giants as well as Arsenal. The Gunners had been close to signing the Germany international in January, having sent a delegation to Germany to negotiate a deal, but looked less likely to acquire the playmaker after he refused to rule out a move to the Allianz Arena.
Bayern sporting director Matthias Sammer had previously hinted at a move for Draxler too, but now Rummenigge has categorically ruled die Roten out of the race to sign the Germany international, insisting the club are only interested in signing players who are the finished article.
"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."