The European champions have been linked in recent months with the 20-year-old Germany international, who is regarded as one of the hottest prospects in the Bundesliga.
However, Rummenigge, who could see Bayern clinch the German title in midweek, has denied reports that talks have taken place with the forward and insists his club will not make a move for Draxler during the close season.
"I can assure that we will not buy Julian Draxler this summer," he told Welt am Sonntag.
"I do not know (if he wants to join Bayern). We never talked to his agents. In my opinion the public do not understand our transfer policy yet."
Rummenigge also dismissed suggestions that Bayern will look to harm rivals such as Schalke and Borussia Dortmund by signing more of their players.
Robert Lewandowski is set to join former Dortmund team-mate Mario Gotze at the Allianz Arena at the end of the campaign.
Yet Rummenigge added: "We will not buy any players from Dortmund or Schalke only to hurt them. We will buy only players who bring more quality to the club immediately.
"In the past we bought some players to be better prepared for the future because some of our players were becoming older than 30. But we will not do that anymore."
