The incoming boss is reportedly keen on the Arsenal man after being impressed by him in 2010.
The striker has struggled to impress this season despite being given a chance to impress in a central role, with just five goals in the league all season.
That has led to talk of a potential exit in the summer, with suggestions that Arsene Wenger may look to clear the squad of surplus players in the summer.
Walcott is among those, alongside England teammate Alex Oxlade-Chamberlain, who is another who has struggled to live up to expectation having signed as an emerging youngster from Southampton.
According to that report, Guardiola has been a fan of the forward’s since 2010 after seeing him shine against his Barcelona side in a quarter final tie.
Walcott was introduced at half time with the Catalans leading 2-0, scoring the Gunners first goal and terrorising full back Maxwell as they went on to secure an unlikely 2-2 draw.
A move to City would make sense too, with them arguably one of only a few who could afford his current £140,000-per-week wages.