The Frenchman has disclosed that he met with the Spaniard after he departed Barcelona in 2001, with Guardiola expressing a desire to play under him in London.
However, Wenger had young talent in his squad he was keen to bring through and opted against a deal, with Guardiola instead joining Brescia.
"He wanted to play with me as a coach and he wanted to play for Arsenal," Wenger said.
"I met him at home – he was 30 or 31 years old back then, I can't really remember.
"But then he went to Italy. I had players back then like [Patrick] Vieira and [Emmanuel] Petit who were still young.
"He showed great personality when we talked."
Bayern top Group F on six points, but Arsenal - who beat them on home soil - travel to the Allianz Arena just three behind the Bundesliga champions.
