Brazil midfielder Luiz Gustavo insists he wants to play for Wolfsburg for many seasons to come.
In the wake of a 4-2 Super Cup defeat to Borussia Dortmund at the weekend, it had been speculated that Bayern were in the market for a new defender, with Brazilian Luiz reportedly topping the list.
However, speaking at the presentation of the Audi Cup pre-season tournament in Munich, Guardiola rejected the speculation.
"He's not coming to Munich," he said. "We've got four or five central defenders.
"There is no truth to the speculation."
With Javi Martinez expected to feature more at the heart of the Bayern defence following the arrival of fellow Spanish midfielder Thiago Alcantara from Barcelona, Guardiola has enough cover at the back.
Jerome Boateng and Daniel van Buyten both started against Dortmund, but Dante and Martinez are tipped to form the preferred defensive partnership in the continued absence of Holger Badstuber, who could miss the entire season with a knee injury.