Bilbao value the versatile 23-year-old at €40million (£31.4m) and he remains under contract with the Basque Country club until June 2016.
There has nevertheless been speculation about a summer move to the Allianz Arena, with Bayern head coach Jupp Heynckes recently stating that Martinez was a part of his plans for the new season.
Rummenigge has played down the chances of Martinez coming to Bayern, though, insisting that nobody would be prepared to pay that price for the player.
“I’m not optimistic, to be honest. [Bilbao] president [Josu Urrutia] has always emphasised that he doesn’t want to sell the player for a price under the clause.
Rational
“The asking price is immense. It’s a fee that has never been paid by a German club.”
Barcelona have also been linked with a move for Martinez but Rummenigge doubts whether they would be interested either unless Bilbao get more realistic with the offers they are ready to listen to.
“There is no club in Europe that is willing to pay that price,” he explained.
“I have a good relationship with Barcelona, and Barcelona aren’t prepared to do so.
“You have to see the whole transfer business very rationally. There are some players who are worth it, but not many in this world.”