De Bruyne, who joined Wolfsburg from Chelsea in January 2014, has been one of the Bundesliga's leading stars this season, leading to talk of interest from clubs including Bayern, Manchester City and Paris Saint-Germain.
However, Wolfsburg, who have occupied second place in the Bundesliga since November, have repeatedly insisted that they have no plans to cash in on the Belgium international, whose current contract runs until 2019.
Speaking to Sport Bild on Wednesday, Wolfsburg sporting executive Klaus Allofs has repeated that they have no desire to sell the 23-year-old as they prepare to make their return to the Champions League next season.
"Kevin feels great here, and everything we told him would happen [when he signed] has happened," Allofs said, although he acknowledged that things could change if a European giant made a move.
"Something special has to come up for a player to want to leave us," he added. "Should that happen, we will face up to it."
According to the paper, Bayern would be willing to make an offer in the region of €50 million for De Bruyne as possible replacement for either Arjen Robben or Franck Ribery, who are both now 31.
Sport Bild claims that Bayern -- who missed out on Marco Reus after he prolonged his Borussia Dortmund contract -- have already registered their interest in the Belgian.
In an interview with Die Welt earlier this week, Bayern CEO Karl-Heinz Rummenigge praised De Bruyne for his "grand season" but added that it is important "to keep the right balance" and not "overdo it," given that Bayern's squad already consists of "20 creme-de-la creme players."
Belgium boss Marc Wilmots, meanwhile, has urged De Bruyne to continue his development at Wolfsburg.
"In the end it's his decision but, if I were him, I'd stay at Wolfsburg for one or two more seasons," Wilmots told Bild on Wednesday.
De Bruyne has made 39 appearances in all competitions this season, scoring 14 goals and setting up another 25, and is reported to be in talks over an improved contract with Wolfsburg.
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