The 41-year-old stepped down at the Nou Camp at the end of last season, having won three La Liga titles and two European Cups in four seasons.
It is understood that Chelsea approached Guardiola during the summer before appointing Roberto Di Matteo, but the Spaniard rejected the club's advances as he wanted to take a 12-month break from football.
According to the Daily Mail, Guardiola is now plotting his return to the game and has told his advisers that Stamford Bridge would be his preferred destination.
Guardiola took charge of 247 matches during his reign at Barcelona, winning 179 and watching his side score 638 goals.
Di Matteo's contract at Chelsea expires in June 2014.