The 53-year-old says negotiations will begin after the final round of qualifiers and has urged his side to be more ruthless in front of goal
The 53-year-old has all but secured the Mannschaft's place at Brazil 2014 following victories over Austria and Faroe Islands and his side now need only one win from their remaining ties against Republic of Ireland and Sweden.
Low has transformed Germany's fortunes but he insists talks of extending his current deal - which expires in July 2014 - with the German FA will not begin until after qualification has been confirmed.
"No further discussions will take place [until after the qualifiers]," Low told reporters.
Germany put three past the Faroes, who had Atli Gregersen sent off, with Per Mertesacker, Mesut Ozil and Thomas Muller getting amongst the goals, however, Low says they need to be more ruthless in front of goal.
"It was a mandatory task to pick up three points here," he continued. "The game went the way as expected once they went down to 10 men.
"However, if there is an area to be critical about, it's in the final third where we still need work."
General manager Oliver Bierhoff, a former striker himself, also believed Germany could push more men forward in attack.
"We could create more chances" he said. "After the half we lost a bit of pace, but in the end the victory was important. We have the ball often, but can also miss putting our opponents under pressure in the box."