Wolfsburg deny Mandzukic reports
The 27-year-old striker previously played at the Volkswagen Arena in a spell lasting from 2010-12 and, while Allofs ruled out imminent deal, he admitted they would always "keep their eyes and ears open."
The Croatian's future has been under speculation since Bayern announced that Robert Lewandowski would join the club in the summer.
Mandzukic's form in scoring 16 goals in 29 games also prompted reported interest from England, in the shape of Champions League last-16 opponents Arsenal, whom Bayern face on Tuesday.
Allofs told Wolfsburger Allgemeine Zeitung newspaper: "There is no agreement over a re-signature of Mario Mandzukic. This is definitely not an issue.
"Of course, we will always keep our eyes and ears open. We will not discard any good player from our short-list as there is no need to do so."