The young winger, who has also attracted the attention of Inter Milan, has established himself as a regular for the Bundesliga since his breakthrough from the club's youth system in 2010.
Herrmann helped Monchengladbach to a fourth-place league finish last season and the 21-year-old has no intentions of leaving.
"I have heard about that [the reported £7.5 million transfer fee], I read papers," he told Rheinische Press.
"Of course, those sums are somewhat flattering but to be honest, you don't have to overrate it. My agents did not tell me anything about it. They are just rumours.
"I am happy about the praise. But why should I leave now? I feel great here. And the last season was great fun, we played beautiful football. We want to return to that now and are on the right path.
"We have an outstanding league here. The Bundesliga does not have to hide from any other league abroad. Besides, I don't speak English or Italian. It would be difficult for me. I learned French in school."
By Joe Brewin
Get the best features, fun and footballing frolics straight to your inbox every week.
Thank you for signing up to Four Four Two. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.