In this paper, we introduce a model-based Bayesian denoising framework for phonocardiogram (PCG) signals. The denoising framework is founded on a new dynamical model for PCG, which is capable of generating realistic synthetic PCG signals. The introduced dynamical model is based on PCG morphology and is inspired by electrocardiogram (ECG) dynamical model proposed by McSharry et al. and can represent various morphologies of normal PCG signals. The extended Kalman smoother (EKS) is the Bayesian filter that is used in this study. In order to facilitate the adaptation of the denoising framework to each input PCG signal, the parameters are selected automatically from the input signal itself. This approach is evaluated on several PCGs recorded on healthy subjects, while artificial white Gaussian noise is added to each signal, and the SNR and morphology of the outputs of the proposed denoising approach are compared with the outputs of the wavelet denoising (WD) method. The results of the EKS demonstrate better performance than WD over a wide range of PCG SNRs. The new PCG dynamical model can also be employed to develop other model-based processing frameworks such as heart sound segmentation and compression.