Exclude not working for trying to exclude non node_modules scripts from bundle

I'm trying to exclude some of my internal dependencies in my global script which is shared common scripts that can be later used.

Folder structure,

my-app
└────src
│    └───index.js
└────common
│    └───module.js
│
└────dist
│    └───bundle.js
│
└───gulpfile.js

index.js

import { someNodeFunction } from 'some-node-package';
import { someFunction } from '../common/module.js';

function main() {
...
...
someFunction();
...
someNodeFunction();
...
}

module.js

export function someFunction() {
...
}

gulpfile.js

var gulp = require('gulp');
const path = require('path');
var webpack = require('webpack');
var webpackGulp = require('webpack-stream');
var nodeExternals = require('webpack-node-externals');

gulp.task('bundle', function () {
    gulp.src('.')
        .pipe(webpackGulp({
            entry: './src/index.js',
            output: {
                filename: 'bundle.js'
            },
            mode: 'production',
            module: {
                rules: [
                    {
                        test: /\.js$/,
                        exclude: [/common/]
                    }
                ]
            },
            externals: [nodeExternals()]
        }, webpack))
        .pipe(gulp.dest('./dist'));
});

package.json

{
  "name": "scripts-utility",
  "version": "1.0.0",
  "description": "separate scripts utility",
  "dependencies": {
    "gulp": "^3.9.0",
    "webpack": "^4.29.6",
    "webpack-stream": "^5.2.1",
    "webpack-node-externals": "^1.7.2"
  },
  "main": "index.js",
  "author": "Jude Leander J",
  "license": "MIT"
}

Here I could exclude the node_modules function someNodeFunction from the bundle using externals option, which seems to work fine but then when I try to exclude the someFunction from the bundle, I couldn't achieve the same. Hope, I'm missing any config...

I had also tried to provide the exclude option with 'absolute-path' with the following config,

exclude: ['common/module.js', 'common', 'common/']

But nothing seems to work.