The Brazilian joined Wolfsburg from Bayern Munich in 2013, signing a five-year contract but German magazine Kicker has previously revealed the holding midfielder does have a release clause within his contract that would allow him to leave at the end of each season, depending on the club's European status.
Gustavo has expressed interest in a move to Premier League side Arsenal, who have reciprocated interest.
There have also been rumours linked the Brazil international with Spanish giants Barcelona, talks Gustavo welcomed.
However, Allofs is positive Gustavo will remain a Wolfsburg player, but is wary of change should the 26-year-old steal the headlines on home soil this summer.
"We are very happy to have Luiz Gustavo," Allofs told Kicker-Sportmagazin. "He is a regular first-team player and he is also an important player for the team.
"He has a long-term deal at our club. Of course, he is a Brazil international player and we know there could be a lot of changes to this if he is going to play a pivotal role at the World Cup."
Gustavo has made Bundesliga appearances for Wolfsburg this term, scoring four goals in the process, as well as picking up two red cards.