The Daily Mail says Bayern have emerged as a serious threat to Manchester City's hopes of luring Guardiola to The Etihad Stadium at the end of the season.
With time running out for Roberto Mancini, following another Champions' League failure and claims of dressing room unrest, City have made Guardiola their top target and believe they have a better chance than Chelsea of enticing him back to management.
The Blues are desperate to bring him to Stamford Bridge, although have begun to draw up a list of second-choices because they are worried Guardiola is unwilling to work under notoriously impatient owner Roman Abramovich.
But whether City have a better chance than Bayern is beginning to look increasingly doubtful.
Talks have already taken place between Bayern bosses and Guardiola's brother Pere, and the former Barcelona coach is now waiting for the outcome of discussions in the New Year over Jupp Heynckes' future.