Speculation regarding the Croatia international's future has intensified during the winter transfer window.
Mandzukic was already being linked with the likes of Arsenal prior to the announcement that Borussia Dortmund's Robert Lewandowski is to move to the Allianz Arena as a free agent over the summer.
Bayern have always maintained that there is space in their squad for multiple frontmen, and they are not about to relax that stance.
Club president Karl-Heinz Rummenigge has assured Mandzukic that he still has a role to play and would be prepared to discuss an extension to a contract which is due to run until 2016.
He told BILD: "We are absolutely content with Mario Mandzukic. He has outperformed our expectation and we will keep him at Bayern Munich.
"We are willing to sign a new contract with him and I don't think he would be against those talks."