"Until that time, I remain absolutely energized and engaged in leading Penn with an unrivaled leadership team and community of faculty, students, staff, and alumni," she said.
Her departure could create a vacuum in the university's leadership, as Penn's number two administrator Provost Wendell Pritchett is on a medical leave of absence as of July 1.
Gutmann still needs to be confirmed by the U.S. Senate and accepted by German President Frank-Walter Steinmeier.
If confirmed, she would be the first woman to hold the position, stepping in to repair relations with an important ally after damage caused by President Donald Trump's administration.