The coaching duo have been rivals in their respective positions with Barcelona and Real Madrid, but have been given a chance to share a studio with one another
According to El Confidencial, the pair were offered €1.5 million apiece to accept punditry roles with the Mexican multimedia company for this summer's tournament in Poland and Ukraine.
Guardiola, though, is rumoured to have already said no, as he intends to honour his promise to take a complete break from the game after parting company with Barcelona at the end of the season.
Mourinho, though, is believed to still be considering the offer. The Portuguese intends to play an active role in Real Madrid's player recruitment programme for next season but is understood to be open to the idea of making himself available to Televisa for some - but not all - of Euro 2012.
Televisa has previous when it comes to hiring big names to cover major international tournaments, having used Luis Figo and Zinedine Zidane for their coverage of the 2010 World Cup in South Africa.
Since March, Goal.com has been publishing exclusive extracts from Luca Caioli's new book, Ronaldo: The Obsession for Perfection. This Friday's excerpt looks at how Cristiano and Portugal lost out in the final of Euro 2004. Don't miss it!