The 26-year-old former Benfica centre-back had been linked with a move to the Allianz Arena ahead of Guardiola's first season at the club.
Despite the on-going absence of Holger Badstuber, who is recovering from two cruciate knee ligament injuries, Bayern have the likes of Dante, Jerome Boateng, Javi Martinez and Daniel Van Buyten who can play at the heart of defence.
While Luiz has also been deployed in midfield on occasions at Stamford Bridge, Guardiola says reports of a move are untrue.
"He's not coming to Munich. We've got four or five central defenders," he confirmed.
"There is no truth to the speculation."
Guardiola was speaking ahead of the Audi Cup, which gets under way on Wednesday with Bayern facing Sao Paulo and Manchester City taking on Milan.
