The former Juventus boss is among several candidates to replace Niko Kovac after his sacking, but Toni doubts the move will happen.
"I think Allegri would be the right coach for Bayern," Toni told Sport1.
However, six-time Scudetto winner Allegri reportedly covets a Premier League opportunity and Toni believes he would reject a move to Allianz Arena.
"In my opinion, he will not come," the former Juve and Italy striker added.
Toni is not the only figure to suggest Allegri would be a good choice for the German top-flight, as ex-Italy boss Fabio Capello shares that opinion, though he believes Old Trafford would be a better destination.
“He'd be a good fit at Bayern Munich, although I don't know how welcome Italians are in Germany after [Carlo] Ancelotti,” he said.
"England's exciting, there's the possibility of doing well and the Premier League is a championship that enriches you.
"If I was Allegri, I'd go to Manchester United."