The Spaniard still has 18 months left to run on his current deal, but Rummenigge says talks over an extension may not start until the end of the year.
“I’ve told him that I’m not going to ask him in the coming months about his contract,” Rummenigge told Catalan newspaper Ara.
“We’re not going to do anything before the summer and then maybe we’ll talk in the second half of 2015.”
Guardiola led Bayern to a Bundesliga and DFB-Pokal double in his first season at the club, also winning the FIFA Club World Cup and the UEFA Super Cup.
He is on course to repeat his domestic success, with Bayern 11 points clear at the top of the Bundesliga and into the last 16 of the DFB-Pokal while they will face Shakhtar Donetsk in the knockout stages of the competition they really want to win this season – the Champions League.
Guardiola has already done enough to convince Bayern bosses that they want to keep hold of him beyond 2016, although that does not mean they need to rush into drawing up a new contract.
“He can stay here for as long as he wants but Pep is not the kind of person who needs security,” Rummenigge said.
“Pep doesn’t need a five-year contract or to know that he will earn so much money at Bayern. That is not Pep Guardiola.
“Pep Guardiola lives for today and I accept that. He’s a fantastic coach.”