James Rodriguez is in the final season of his two-year loan deal from Real Madrid, with Bayern holding an option to make the move permanent.
Rummenigge said the Bundesliga club would take their time in deciding if they wanted to hold onto the 27-year-old Colombia international, who reportedly wants a return to Madrid.
“In our agreement we have an option that we can make use of until 15th June 2019. We are having November now so I don’t think it makes sense to speak about it now already,” the Bayern chairman said on Thursday.
“I am of the opinion that James played great football last season. He was one of our best players as far as I remember.
“The game in Madrid [in the Champions League in May] he scored the 2-2 and then all the Madrid fans were applauding him.”