Earlier this week, German media outlets had suggested that Wolfsburg would look to persuade Mandzukic to return to the club he left two years ago.
Mandzukic has been in good form of late, with five goals in his last three matches in all competitions, but his future in the side has come into question with the impending arrival at Bayern of Borussia Dortmund's Robert Lewandowski at the end of the season.
Howeber, Allofs came out on Friday to dismiss any speculation.
"There are no arrangements about a return," he told Wolfsburger Allgemeine Zeitung.
"And that is also not an issue. It is, however, required that we will keep our eyes and ears open.
"I don't think it's necessary to cross someone off an imaginary list."
Meanwhile Mandzukic's agent, Ivan Cvjetkovic, refused to be drawn on the rumours.
"No comment," he added.
"I won't discuss Mario's future until July. He is under contract at Bayern until 2016."
