Low was named by Bild am Sonntag as a candidate to replace temporary coach Jupp Heynckes as Bayern boss in 2018, after Germany's involvement in the World Cup.
The 57-year-old has guided his team to a perfect record in World Cup qualifying ahead of their final game of the campaign against Azerbaijan, but he is said to be considering leaving his role with Germany regardless of how they perform in Russia.
Although Low's contract lasts until 2020, the German newspaper reports he has a clause that would allow him to leave next summer.
Bierhoff says it is only natural that Low has attracted interest from clubs given his success with the national team, telling ARD: "Everything is possible in football. You cannot exclude anything.
"Without a doubt, Jogi can manage any team in the world with his qualities. And I think that there is some interest."
However, the former AC Milan and Germany striker later ruled out allowing Low the leave when speaking to Sport1.
He said: "Joachim has a contract until 2020, and if Bayern come around I will lock them out."
The former Stuttgart boss has guided Germany to World Cup success and reached the 2008 European Championship during his 11-year spell in charge.
Still, he talked about a potential return to club football in October 2016, stating he would enter talks with the governing body over his future in the lead up to the tournament in Russia.
"It could be tempting for me at one point to work as a club coach abroad," he told reporters. "I love working with the team, but I know everything in the Bundesliga."