We discuss a scheme for extracting the location of the CEP in the QCD phase diagram based on nonlocal PNJL models where the formfactors of the covariant interaction model are constrained by lattice QCD data for the quark propagator and the strength of the vector coupling is adjusted such as to reproduce the slope of the pseudocritical temperature of the chiral phase transition at low chemical potential extracted recently from lattice QCD simulations. Our study supports the existence of a critical point and favors for its location the region 69.9 MeV ≥ T_CEP ≥ 129.8 MeV and 276.6 MeV ≥ μ_CEP ≥ 319.1 MeV.