The Chicago Fire are reportedly the favorites to land Guardado, though apparently other teams are also interested in the 32-year-old Mexican.
Guardado moved to Real Betis in 2017 from PSV Eindhoven. He began his career with Atlas in Liga MX before stints with Deportivo La Coruña, Valencia, Bayer Leverkusen and PSV.
Guardado has 28 goals and 30 assists in 161 matches with El Tri. He has been to four World Cups with Mexico and has won four Gold Cups, wearing the captain's armband a number of times in recent years.
Despite early success in MLS, the Chicago Fire have struggled as of late.
After winning MLS Cup and the U.S. Open Cup in their inaugural 1998 season, the Fire won another double in 2003, taking the Supporters' Shield and Open Cup. The Fire also won Open Cup titles in 2000 and 2006.
Recently, however, Chicago have only qualified for the playoffs twice in the past nine years.