The former Barcelona boss' contract is up at the end of the current season, and his future could depend on talks the Bavarians are planning before the start of the new year
The 44-year-old's existing contract with Bayern is due to expire at the end of the 2015-16 campaign and he has so far been reluctant to discuss his long-term future.
Nevertheless, Rummenigge has now suggested Guardiola's future could be clear by the end of the calendar year.
"I am relaxed and so is the coach. We will have a conversation after the last game of the first half of the season," Rummenigge told the official Bayern website.
"There will be a decision and we will announce what the outcome is.
"One way or the other, it depends on the outcome of the conversation we will have..."
Guardiola joined Bayern ahead of the 2013-14 campaign after a one-year sabbatical following his successful spell in charge of Barcelona between 2008 and 2012.
He has since guided the Allianz Arena side to consecutive Bundesliga titles, while Bayern also won the DFB-Pokal, Uefa Super Cup and Fifa Club World Cup in his first season at the helm.
Manchester City, with former Barca executives at the helm, have been heavily linked with a move to try and secure Guardiola's services.
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