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The 20-year-old Norwegian star has been in sensational form for the German club this season as he has scored an impressive 39 times and registered 12 assists in 40 appearances across all competitions.
The Norway international, who was signed from RB Salzburg, is under contract with current club Dortmund until 2024.
However, Dortmund could struggle to hold on to Haaland next summer as his £68m release clause will become active.
Babbel has now ruled out the idea of his former club Bayern Munich signing Haaland in the transfer window, saying the German club are not in a "situation at the moment" to pay a staggering transfer package for him.
The 48-year-old ex-Germany international added that he doesn't believe Bayern would want to replace Haaland with current star striker Robert Lewandowski.
"The only country that can buy Haaland at the moment is England, they have a different kind of money," Babbel told Goal.
"There is no chance that Bayern could get him because you would have to spend between €140m and €180m. Bayern can't do it. The whole package is too expensive.
"[Mino] Raiola, he is not the cheapest agent in the world, he wants to have good money as well.
"If you pay so much money, he has to be the best-paid player in the squad. The whole package is like €500-600m and Bayern is not in the situation at the moment to do it.
"Bayern is so happy with Robert Lewandowski. Haaland is a massive talent but there are 12 years in between and Lewandowski has more experience and is still 100 per cent fit. He knows the club, he knows the pressure and he can handle it.
"I can't believe that Bayern would change Lewandowski with Haaland."
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