Kovac is under growing pressure at Bayern after a disappointing start to the season, with the club sitting in sixth place on the Bundesliga table.
BILD says Bayern supremo Karl-Heinz Rummenigge is already drawing up contingency plans and has Wenger on his shortlist, along with former Real Madrid coach Zinedine Zidane.
It's been suggested Bayern's players have already fallen out with Kovac and are keen to see him removed. There have been reports of James Rodriguez, on-loan from Real Madrid, mocking Kovac over his time with Eintracht Frankfurt to teammates.
Wenger has stated he's ready to return to football, while Zidane's agent, Alain Miglaccio, insists the Frenchman would prefer to take off this season.