The Poland international's current deal expires in June 2014, but Dortmund may look to sell a year ahead of that.
The 24-year-old has been linked with potential moves to Bayern Munich, Manchester United or Juventus following his prolific form since his transfer from Lech Poznan in 2010.
Dortmund seem likely to cash in on Lewandowski rather than let him go for free at the end of his contract.
"Robert Lewandowski is not going to sign a new contract. We will have to see if he is going to be on the move in the summer," Borussia Dortmund director Michael Zorc told German Sky.
"His contract runs until 2014. There are two options. Either he goes in June or he stays for another year."
Lewandowski has bagged 44 goals in 87 appearances for the German club, helping them to two consecutive Bundesliga titles and he has also caught the eye while on international duty.
His agent, Cezary Kucharski, recently hinted that his client may be on the move after pointing out that the player usually changed clubs after two seasons.
"He's already in his third season at Dortmund. Read between the lines and you'll know what this means," Kucharski told Polish TV.