The Spanish shot-stopper was release by Barcelona this summer after his contract at Camp Nou expired.
A deal with Monaco was thought to be in place, but with the goalkeeper suffering a severe knee injury, the French club decided to opt out of that agreement.
As such, Valdes is looking for a new club, and Catalan daily Sport believe that the Bundesliga champions have tabled an offer.
They claim that the Bavarians are looking for a back-up to Manuel Neuer, and see the ex-Barca man as an ideal candidate.
The prospect of playing under Guardiola is tempting for Valdes, but remains unconvinced with the possibility of a lack of playing time.
OUR VIEW: Rumour has it that Valdes decided to leave Barcelona to get the recognition that he deserves. It is a fair point, his tremendous ability was sometimes lost in the magic of Barcelona’s play. However, he is highly unlikely to get much game time at Bayern considering that one Manuel Neuer is the current incumbent there. Of course, his serious knee injury may play a part in all of this. Maybe he will be happy to be an understudy to prove his fitness. Only time will tell!
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