Ribery will leave Bundesliga champions Bayern when his contract expires at the end of the season and the 36-year-old has been linked to Western Sydney and Al Sadd.
Former Bayern defender and Stuttgart boss Babbel – now head coach of the Wanderers – floated the prospect of Ribery moving to the A-League in March.
In an interview with the Herald, Babbel said: "Franck Ribery, of course, I was in touch with him. I said 'OK, if you want to earn a lot of money then you have to go to Qatar or somewhere. But if you want to be a rock star, then you have to come to Australia'.
"He hasn't decided at the moment but I can't believe that he will come here, because we're talking about a category that normally for the A-League is not realistic.
"We also have to go further, and find a team for next season – I can't wait the next 100 years. If there's a chance there, you have to try it. But the chance to get someone like that is maybe one per cent."
Ribery – who is set to bring down the curtain on his trophy-laden 12-year association with Bayern – was asked about Babbel and reports of a switch to Australia.
"You know that I played football because of the fun and to enjoy it," Ribery told reporters. "I love football.
"If you play well, then you make yourself a great name and the money comes on its own. You earn money for what you did. I do not just play for money.
"But why should not I move to colleague Babbel? I do not know. There are many options. I'm not sure yet where I'm going."
Ribery has scored five goals in 23 league appearances this season, with the Frenchman set to become the only player to win the Bundesliga nine times if Bayern beat RB Leipzig on Saturday.