The Brazil international has been the subject of constant transfer speculation this summer, with suggestions that new Bavarians boss Pep Guardiola will allow the 25-year-old to leave the Allianz Arena.
With Mario Gotze and Thiago Alcantara already added to Bayern's ranks, Gustavo will find competition for places even tougher next season, and might look to move on to guarantee regular first-team action.
Chelsea manager Jose Mourinho has also been credited with an interest in bringing Gustavo to Stamford Bridge this transfer window, as he looks to strengthen his midfield options ahead of the 2013/14 campaign.
Gustavo's arrival in west London would add to a growing number of Brazilian players at Chelsea, with David Luiz, Ramires, Oscar, Bernard and Lucas Piazon already plying their respective trades in England.
However, Chelsea will face competition from Wolfsburg for the deep-lying midfielder's signature, after Allofs confirmed in an interview with BILD that the club has spoken with Gustavo's agent.
"If you are looking to improve your team, and if the player is available for transfer, you have to discuss the name of Luiz Gustavo," he said. "There is no doubt about that.
"We are interested in him and we have told his agent about that."
Gustavo, meanwhile, remained open-minded about the possibility of a summer transfer: "What can I say? I am under contract until June 2015. We will have to wait and see how things turn out."