Hasenhuttl led Ingolstadt to the Bundesliga for the first time in their history and kept them in the top flight in 2015-16 before departing for the Red Bull Arena.
The 50-year-old, who was linked to Arsenal amid uncertainty over Arsene Wenger's future last season, guided Leipzig to second position in their maiden top-flight season, earning qualification for the Champions League.
Sporting director Rangnick is unsurprised Hasenhuttl has been linked with Bayern, alongside the likes of Julian Nagelsmann and Thomas Tuchel, but expects the Austrian to agree to extend his Leipzig deal beyond 2019.
"He has the right stuff. Ralph can coach any team in the world. The only question is whether he wants to," Rangnick told Sport Bild.
"There is currently no reason for any of our players or staff, including me, to leave.
"The fact that Ralph, like our players, is linked to other clubs is the logical consequence of our development.
"He could coach Bayern, but I do not think he'll go there in the next two years.
"I've discussed with Ralph that we'll talk about [an extension] during the mid-season break. We know what we have in common. The appreciation could not be greater. Therefore, I assume that we will work together for this club even longer."
Leipzig entertain Bayern in the DFB-Pokal on Wednesday before a Bundesliga clash between the pair at Allianz Arena on Saturday.