The 55-year-old was given a proposal from the Italian Federation last month as part of their push to secure a big-name replacement for Gennaro Gattuso.
Guardiola is currently without a job after an incredible decade at Manchester City, but in the end, he opted against the offer as he wants to dedicate more time to his family to recharge following his exit from City.
Maldini has since resigned from his role as technical director - after just two weeks in the job - due to his opposition over the decision not to hire Andrea Pirlo.
In the ensuing chaos, Roberto Mancini has come back into the Italy role, and Maldini claims a little more persuasion could have secured Guardiola's signature.
"With Guardiola, we studied the squads, from the U17s upwards. He even started writing the lineups," he said.
"Money was not a factor as Guardiola told us: 'Give me one euro less than the last national team coach was earning and I'm ready'.
"He was tired after 10 exhausting years in the Premier League. He didn't turn down the job because of money."