The German champions have been linked with a move for the Moroccan defender after losing Javi Martinez for six months due to torn cruciate ligaments.
Roma value the player at no less than 40million euros (£32m) and Rummenigge says he is not going to make any comment on the rumours as this could only have a detrimental effect on potential negotiations amid reports Bayern are considering a bid of 30million euros (£24m).
"We're not going to say anything because, if in doubt, that could only make the player more expensive," Rummenigge is quoted as saying at a sponsorship event in Munich on Tuesday, on Sport1.de.
"If we do do anything on the transfer market, then it will all depend on the quality and the price."
Manchester United have also been linked with a move for former Udinese defender Benatia, who only moved to Rome last summer.
Earlier this summer, the 27-year-old claimed Roma had reneged on an agreement to increase his wages after a successful first year at the club which saw them qualify for the Champions League after finishing second in Serie A.