The Brazil international arrived with the option to buy for €120 million (£107m/$131m) but Bayern has opted not to exercise the deal, though Rummenigge did not close the door on Coutinho.
“The option expired and we haven’t activated it,” Rummenigge told German magazine Der Spiegel.
“We’re going to plan our squad for next season and we’ll see if he still has a role to play with us or not.”
Coutinho has failed to live up to the hype since swapping Liverpool for Barca in a blockbuster transfer in 2018.
The 27-year-old has scored eight goals and set up another six goals in 22 Bundesliga matches for Bayern this season, which has been disrupted by coronavirus.
German football association (DFB) president Fritz Keller recently called for the introduction of a cap on players’ wages and for the figures to be published to spark a public debate about money in the Bundesliga.
Rummenigge is against that idea, however, as he feels it would be unfair on players and benefit no one.
He added: “That would only spark a jealous debate. It’s well known that the players make a lot of money, but if we published them, we would have a weird discussion among Bundesliga teams and in public. Who would benefit?
“Mr. Keller called me on Tuesday morning and we agreed that we would meet in a timely manner. There may have been cases in the past where players have not behaved in an exemplary manner. But to question the whole profession as a whole is too short for me.”