Guardiola, who had been strongly linked with a move to either Chelsea or Manchester City, agreed a three-year deal with Bayern following his season-long sabbatical after leaving Barcelona.
Canadian-born Hargreaves garnered an impressive reputation throughout Europe for his dynamic performances in Bavaria, and believes the Spaniard's move is the right one to make.
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"Not many clubs have the stability and structure of Bayern. They are the Manchester United of Germany."
Hargreaves made almost 150 appearances during his spell in Germany, scoring five times before making the switch to Old Trafford for a reported fee of £17 million.
The 31-year-old's career was cut prematurely short following a spate of injuries during his time with the Red Devils.
Guardiola won 14 trophies during his time at the Camp Nou, including two Champions Leagues.