Low has been in charge of the national side since 2006, and has created a side many are tipping for glory at next summer's World Cup in Brazil.
Bierhoff says contract talks will likely take place once the qualification process for the World Cup ends next week.
"We need to get together and discuss contracts, that's for sure," Bierhoff told reporters.
"Chances are it will happen once our successful qualifying campaign comes to an end. Hopefully things will go smoothly and quickly.
"Wolfgang Niersbach (DFB president) and Helmut Sandrock (DFB general secretary) will both be in Cologne and then Sweden for our final two games, and i'm sure we'll find time to sit down at some point.
