The Italian, who played with Guardiola at Brescia, believes that the Bavarian giants' philosophy would suit him.
"He asked me about Bayern," Toni told Bild. "I think the philosophy of how that club is run pleases him. He is a very good coach who would perfectly fit that team. He would give the German mentality some flair.
"He should definitely coach Bayern! They are one of the best teams in the world. They have money, they have the perfect stadium and have merchandising.
"In Italy some of these provisions are not as good, but they are catching up. The only club in Italy that is comparable to Bayern is Juventus, who will be at their level in less than 10 years."
Toni played for Bayern between 2007 and 2010.