A number of reports last week claimed that the 33-year-old had agreed terms with the Champions League hopefuls about a summer move, but the Peruvian striker has stressed that nothing has been decided yet.
"I have not decided yet where I will continue my career. There's no decision for now. I will let people know once I've made a decision on my future," Pizarro was quoted as saying by Bild.
Pizarro previously wore the Bayern Munich jersey from 2001 until 2007, netting 100 goals in 251 official appearances for the Bavarians.
The striker's contract with Werder expires at the end of the season, meaning he can leave the club on a free transfer this summer, Goal.com reported.