Bilica arrives from Sicily until the end of the season with young striker Simone Del Nero heading in the opposite direction.
But it is the potential return of Guardiola which has set Brescia buzzing with anticipation, following speculation in Italy.
Guardiola quit Brescia for Roma last summer and signed a two-year contract with the capital club but has been unable to nail down a regular first team spot.
The former Barcelona ace could leave Stadio Olimpico before Friday's transfer deadline and Brescia are homing in on his signature.
Brescia are also trying to offload Igli Tare to Modena but the stumbling block is who Carlo Mazzone will take in exchange for the towering Albanian forward.
Mazzone wants to add Giuseppe Sculli to his ranks but Modena are not keen on releasing the front man who is part-owned by Juventus.
Modena would prefer to give Brescia a different player, along with the option of signing midfielder Stefano Mauri.
