"That's where our attention is at the moment, and that means fewer young players from other countries and continents," German media quoted him as saying.
"We will not sign any more young players from South America, that doesn't make sense," added Rummenigge.
Bayern have only three South Americans in their squad at present, Brazilians Breno, Rafinha and Luiz Gustavo - all defensive players - while Argentine defender Martin Demichelis left the club last season.
Bayern have had little success in developing young South American talent in the past few years.
Paraguayan striker Roque Santa Cruz joined the club as a teenager but went on to make his name with his national team while Peruvian Paolo Guerrero is now with Hamburg SV.
Midfielder Julio dos Santos, who has returned to his native Paraguay to play for Cerro Porteno, was loaned to Almeria, VfL Wolfsburg and Gremio during his two years at the club.
Argentine Jose Ernesto Sosa, who joined as a 22-year-old from Estudiantes, is with Ukraine's Metalist Kharkiv.
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