Guardiola, who won 14 titles in his four years at Barcelona, joined in 2013 and has won back-to-back German league titles as well as the German Cup.
Bayern are on track for another league crown this season, which would make it a Bundesliga record of four in a row, having gone eight points clear at the top courtesy of the best ever Bundesliga start of 10 straight wins.
Guardiola has restored their domestic dominance after Bayern were challenged by Borussia Dortmund, who won the league in 2011 and 2012, yet despite two Champions League semi-final appearances in the past two seasons he has yet to taste European success with the Bavarians, the main reason behind signing him.
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"I am relaxed about it and so is the coach," Rummenigge told reporters about the contract discussions after seeing Bayern crush VfB Stuttgart 4-0.
"We will have the talks after the end of the first half of the season (next month). Then there will be a decision which we will announce whatever the outcome of this discussion," said Rummenigge, who is eager to extend the Spaniard's contract.
There have been months of speculation about the Guardiola's future, with the former Barcelona coach declining to answer any questions and Rummenigge saying weeks ago he was certain there were several clubs out there desperate to sign him but Bayern had a good chances of keeping him.
Several Premier League clubs are reportedly keen to lure Guardiola to England.
(Reporting by Karolos Grohmann; Editing by Ken Ferris)
