Reports in France suggest Betis have made the Cameroon international their number one midfield target, while Celtic are also thought to be keen on re-signing him after he spent the 2009-10 season on loan at Parkhead from former club Nancy.
He made 43 appearances for the Bhoys over that period and the Scottish Premier League club were reportedly keen to sign him on a permanent basis but could not agree a fee with Nancy, while Betis have also reportedly made an approach for the Cameroonian in the past.
N'Guemo, who joined Bordeaux in summer 2011, has made just 11 Ligue 1 appearances for the French club this season.
The 27-year-old defensive midfielder, whose current contract runs until 2014, is keen to play more regular first-team football and is not ruling out a move.
He said: "I am not playing lately in the Bordeaux team so, to be honest, if there is an opportunity to play week-in-week-out I will take that."