Bayern Munich are ready to offer manager Pep Guardiola a new deal worth £17million-a-year in order to convince him to reject the chance to join Chelsea, Express reports.
The 44-year-old is still deciding on whether to extend his stay with the Bundesliga champions as his contract is set to expire at the end of the current campaign.
Bayern are hoping to see the former Barcelona manager sign a new two-year deal with the club in order to keep him until at least 2018.
Guardiola is believed to be one of the possible candidates on the Blues managerial shortlist should they decide to part ways with current boss Jose Mourinho given the team’s huge decline in form.
Apart from the Premier League champions, Manchester United were also linked with a move for the Spanish manager as a possible successor to Sir Alex Ferguson when he retired in 2013.
They could also reignite interest in his services given that current boss Louis van Gaal is expected to leave Old Trafford once his deal expires in two years time.