Bayern sacked Jurgen Klinsmann on Monday, following a series of disappointing results. Jupp Heynckes took over on interim basis.
However, the Bavarians are looking for a permanent tactician and Hiddink's name was mentioned immediately.
"I hope we can get a coach who is somewhere in the class of Guus Hiddink," Beckenbauer told Bild newspaper.
Dutchman Hiddink is currently in charge of the Russian national side, in addition to his temporary role as Chelsea coach.
English reports in recent weeks hinted that the veteran manager could extend his Chelsea spell, but the London club confirmed his exit at the end of the season.
Apart from Hiddink, several names have been reportedly linked with the Bayern job, including Roberto Mancini, Bernd Schuster, Frank Rijkaard and Luiz Felipe Scolari, who are all unemployed.