The Spanish defender has been impressive in his short spell in the Premier League, forming a formidable partnership with Ashley Williams.
His performances have alerted Guardiola, who is already drawing up a shortlist of potential signings ahead of taking the management position at the Allianz Arena.
Having signed Chico from Cadiz for Barcelona’s B team, Guardiola is understood to be an admirer of the 25-year-old and has stayed in contact with him.
According to reports the two have discussed a potential move, and it’s unlikely that the former Mallorca would turn down any official proposal.
With two years still to run on his contract, Swansea will be in a strong position for negotiations.
Bayern are rumoured to be willing to spend big at the end of the season to help Guardiola turn them into a truly global force.
As well as Chico, they have been linked with a move for Liverpool’s Luis Suarez.
After some questionable early performances following his £2m arrival from Genoa over the summer, Chico has settled into life with Swansea, rapidly becoming a key player under Michael Laudrup.