The 33-year-old has been in discussions with the Bundesliga champions for a number of weeks and is understood to have informed Guardiola that he wants to move to the Allianz Arena.
Walker has spent the last six seasons at the Etihad Stadium and has made 254 appearances for the Citizens across all tournaments, winning 14 trophies including five Premier League titles and the Champions League.
The England international played 39 times in the 2022-23 campaign in which Guardiola's side became the first English club for nearly a quarter of a century to win a Premier League, FA Cup and Champions League treble.
However, Walker lost his regular starting place during the second half of last season and was a notable absentee from the starting lineup in the Champions League final victory over Inter Milan.
Walker is thought to be intrigued by the prospect of seeking pastures new and joining another top European club where he is assured of regular first-team football ahead of representing England at Euro 2024.
The experienced defender is out of contract in the summer of 2024 and is said to have been offered a one-year extension by Man City, while Bayern have tabled a two-year contract offer which includes an additional 12-month extension option.
Man City will lock horns with Bayern in a pre-season friendly at the National Stadium in Tokyo on Wednesday, and ahead of the clash, Thomas Tuchel refused to be drawn on speculation linking his side with a move for Walker during a press conference.
Guardiola shortly followed Tuchel to take questions from the media and he has concurred with his German counterpart, saying:
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