Bayern start the defence of their league title on Friday at home to Borussia Monchengladbach, but new coach Pep Guardiola has a jam-packed midfield in his squad with ten full internationals to accomodate, including Gustavo.
"In the end, the question is: what does Luiz want and what does Bayern Munich want?" Rummenigge told German broadcaster Sport1.
"We will resolve this question in peace, I don't think there will be a decision in the next few days," he added, with the transfer window open until 2 September.
"The question is also whether Luiz wants to go to another club, who unfortunately don't play international football, or whether he wants something bigger than that."
Bayern won the league by 25 points last season and will be defending their UEFA Champions League crown while Wolfsburg cannot offer European football having finished 11th in the league.
Wolfsburg's managing director Mike Schuessler admitted ten days ago that the 2009 Bundesliga champions have expressed an interest in Gustavo, who started 13 league games last season, and Bayern have granted permission to speak to the 26-year-old.
Rummenigge said there has been interest in Gustavo from "all over Europe. From Spain, England and even from Russia", but the Bayern boss said there will be no further sales if Gustavo is sold.
"Should Luiz leave Bayern at some point, he will be the only one," Rummenigge said. "Apart from that, we will not sell any more players, the squad will stay as it is. It is not a small squad but we face several competitions this season.
"We're playing in the Bundesliga, Champions League and the Club World Cup, we need a squad like that."
Sammer wants to create more history
Meanwhile, Bayern's director of sport Matthias Sammer has said the Bavarian giants want to win the treble of league, cup and European titles again.
Bayern want to become the first team to retain the Champions League, having been the first German team to win the treble last season.
"We want to create what has never been done in Europe," Sammer told German magazine Sport Bild.
"We want to attack the treble again and add to that the European Super Cup and the Club World Cup. We want to become even stronger."
Bayern suffered a blip in their pre-season preparations a fortnight ago when they lost 4-2 at Borussia Dortmund in the German Super Cup, but Sammer said the team are ironing out problems.
"It may be that perhaps there is some sand in the gears, but now there are no more excuses," he said. "The results have to be right from now on."