The highly rated tactician has taken a sabbatical after leaving Barcelona at the end of last season, but it is believed he could return to coaching in January.
Daily Telegraph understands that the Spaniard wants to manage in London, with Chelsea and Arsenal being mentioned as potential destinations.
Chelsea owner Roman Abramovich is a keen admirer of Guardiola and is eager to lure the 41-year-old to Stamford Bridge despite the fact that Roberto Di Matteo has enjoyed a brilliant start to his managerial career at the club.
Arsenal chiefs could also consider the Spaniard should they decide to part ways with Arsene Wenger, but that looks highly unlikely to happen in the near future.
Milan, Bayern Munich and Manchester rivals are all showing interest in Guardiola, but the highly-rated tactician seems to have a preference for London.