The 24-year-old Belgium international, whose contract with the Wolves runs out in 2019, has been linked with an imminent move to City and the Premier League with Wolfsburg sports director Klaus Allofs confirming the English club's repeated interest.
Bayern, who had also been reportedly interested in him in the past, said no such deal is in the works.
"We will definitely not become active in the matter of De Bruyne," Bayern spokesman Markus Hoerwick told reporters. "This is something the board has decided for some time."
Last season's Bundesliga runners-up Wolfsburg are eager to hold on to the German league's player of the year.
De Bruyne scored 10 goals and provided 21 assists last season as the club finished second in the league and won the German Cup.
Allofs said on Sunday it was understandable for De Bruyne to be considering a move given the offers from City.
"I want to stress that we are making every effort to convince him to stay," Allofs said. "But we are equally serious about dealing with these issues should we have serious offers in front of us. Then we will discuss it and take a decision."
The summer transfer window closes next week.
(Reporting by Karolos Grohmann; editing by Amlan Chakraborty)
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