James Rodriguez
James Rodriguez joined Bayern Munich on a two-year loan deal from Real MadridGetty Images

Bayern Munich are not in a hurry to sign James Rodriguez on a permanent transfer, according to the German club's chief executive officer Karl-Heinz Rummenigge.

The Colombian international was signed by the Bundesliga winner's former manager Carlo Ancelotti on a two-year loan deal from Real Madrid last summer. Bayern are reportedly paying an annual loan fee and have an option of signing the attacker on a permanent deal after the two years.

Ancelotti was shown the exit door earlier in the season and Jupp Heynckes has taken charge at the Allianz Arena until the end of the season.

Rummenigge revealed his side have an option of signing the former AS Monaco star for €42m (£36.7m, $51.7m), but stressed the German league leaders are "not in a hurry."

"There's absolute clarity regarding his contract situation. We have a two-year loan deal and then we have a €42 million option to buy to take up. There isn't any hurry," Rummenigge was quoted as saying by ESPN.

Rodriguez has impressed under Heynckes' guidance and has provided more assists in all competitions than any other Bayern player. Bayern CEO thanked Ancelotti for signing the 26-year-old and is impressed with his development under Heynckes.

"It was a very, very good transfer and I have to thank Carlo Ancelotti once again. We are totally happy with his development, especially since Jupp Heynckes took over," he added.

Meanwhile, Rodriguez has also spoken about his future at Bayern. The player stressed he is "simply fine" with his current employers and is delighted to play regular football at the Allianz Arena.

"I'm simply fine here at Bayern. I'm playing steadily, like when I was at AS Monaco, and I think it will be good for my World Cup course. Of course, my past times at Real Madrid helped me grow up and improve as a player," Rodriguez was quoted as saying by Tutto Mercato Web.

Bayern have traveled to Spain as they face Sevilla in the first leg of the Champions League quarter-final clash April 3. The return leg will be played in Germany a week later.