The newly crowned Bundesliga champion has already completed deals for Germany internationals Sebastian Rudy and Niklas Sule from fellow Bundesliga top-four side Hoffenheim.

While Schalke warned Bayern off moving for midfielder Leon Goretzka, Alexis Sanchez has been strongly linked with a switch to the Allianz Arena and Rummenigge said talks with Bayern manager Carlo Ancelotti have produced a list of players to pursue.

"We've already discussed the transfer policy with Carlo and the board and decided on targets," said Rummenigge. "Next season we'll have a team that's more than capable of challenging for titles again.

"We have personnel decisions to make. The transfer activity starts now. Sule has come on really well in the last six months and has also been called up to the Germany squad. He's a player who'll make a positive contribution for us in the future."

Despite cruising to a fifth consecutive Bundesliga title, Bayern was knocked out of the UEFA Champions League at the quarter-final stage and did not reach the DFB-Pokal final after a last-four Klassiker loss against rival Borussia Dortmund.

But Rummenigge insisted Ancelotti's first year in charge of the club should be judged as a success due to claiming the league title by such a large margin from nearest competitor RB Leipzig.

"I think it's been a good season," the chief executive said. "We won the league by 15 points.

"That's proof that we've worked well over the whole season. Winning the league isn't something you do easily, [It is] excessive to say it hasn't been a good season."