The 41-year-old took the reins at Camp Nou in 2008 and led the Catalan club to 14 trophies, but stepped down at the end of the season citing a need to recharge his batteries.
Bayern boss Jupp Heynckes has just one year remaining on his contract with the club, and is considering stepping down once his deal expires.
Die Roten president Uli Hoeness admitted last month that he would jump at the chance to install Guardiola as the Bavarians' coach, but only if the Spaniard was willing to learn German.
Goal.com understands that general manager Christian Nerlinger had an informal meeting with Pere Guardiola, Pep's brother and agent, after the Copa del Rey final in May to discuss the possibility of the former Spain midfielder moving to the Allianz Arena.
However, it is understood that Guardiola is not entertaining any offers at present and is intent on enjoying his sabbatical away from the game.
During his four-year reign in charge of Barcelona, Guardiola won three Liga titles, two Champions Leagues and two Copas del Rey, among a number of other trophies.
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