The 21-year-old defender has been in impressive form for Wolfsburg since joining the Bundesliga club in 2012.
The Switzerland international's displays have reportedly sparked interest from Premier League clubs Chelsea and Manchester United, who are said to be looking to sign a left-back in the summer.
However, Allofs has stated that he wants the former FC Zurich player to extend his current contract, which runs until June 2016, and commit his long-term future to Wolfsburg.
"Ricardo Rodriguez is a first-team regular of our club," he told Kicker-Sportmagazin.
"We are very happy with the progress and performances of Ricardo. We would definitely like him to sign a new deal."