Ribery will be sold say Bayern Munich

Ribery has been linked with a transfer to various Premier League clubs (GETTY IMAGES)

Bayern Munich president Uli Hoeness has admitted that Franck Ribery will be sold if he does not sign a new contract at the Allianz Arena.

The coveted France international has two years remaining on his existing deal, but Bayern have no intention of allowing him to leave on a free transfer.

Ribery was the subject of unsuccessful bids from Real Madrid and Chelsea during the summer transfer window.

"If Ribery doesn't renew his deal in the spring, it would be fiscally irresponsible to keep him as he's out of contract in 2011," said Hoeness.

"We'd just be giving away 50-60million euros in that case."

Meanwhile, Hoeness has said that he would be happy to see current number one goalkeeper Hans-Jorg Butt remain at the Allianz Arena for the foreseeable future.

Butt seems to have ousted Michael Rensing for the keeper's jersey and, with the 35-year-old's contract running out next summer, it is believed he will sign an extension.

Speaking to reporters, Hoeness said: "We have always said that we want to extend Butt's contract. We have a lot to thank Jorg for.

"He is a really nice bloke and, on top of that, he is a fantastic goalkeeper. With Jorg Butt, we don't have any problem in goal. He is an excellent goalkeeper."