The ex-Barcelona boss is currently on a break from being hands-on in football having had a hugely successful four years in charge at Camp Nou.
Jose Maria Orobitg, who represents Guardiola, confirmed the Spaniard still plans on spending the entirety of this season out and is open to the idea of coaching at the San Siro someday.
“Pep Guardiola has not rejected the AC Milan bench at all,” the agent told TuttoMercato. “I speak often to Milan, but I can say that Guardiola has not rejected anything.
“He just wants to enjoy this year away from the bench. This is a year off, to relax.
“In the future everything is possible. As it's said: Never say never. But now is not the time.”
Chelsea and Manchester United were mooted as future destinations for Guardiola in the summer, while the realistic prospect of him coaching in Serie A has cropped up fairly recently.