Guardiola will replace Jupp Heynckes at Bayern this summer and Spanish station Radio Marca have suggested that the former Barcelona coach may look to appoint Metzelder as an assistant due to his linguistic ability and knowledge of German football.
"I'm holding a lot of talks at the moment, but I have not yet made a decision about my future," Metzelder told RevierSport. "If there is any truth in the rumour, then that would be a great honour for me.
"I have not yet decided whether I will end my [playing] career at the end of this season and maybe go into coaching or management.
"All I can say is that I will be leaving Schalke at the end of the season."
Metzelder, who has been capped 47 times at senior international level by Germany, joined Schalke from Real Madrid in 2010.