Reports emerged on Tuesday claiming that Guardiola has agreed to sign a one-year contract extension at the Etihad Stadium, with the option of a further 12 months.
Guardiola is therefore set to extend his stay at Man City to at least a decade and it is understood that an official announcement confirming the 53-year-old's new contract is expected 'in the coming days'.
It is thought that Guardiola's relationship with chairman Khaldoon Al Mubarak supersedes the need for a clause in writing referencing the outcome of the club's hearing into the 115 charges levelled at the club by the Premier League.
As soon as Guardiola's deal is signed and sealed, Man City will quickly turn their attention to the future of key players in their first team squad - some of whom have been linked with a possible exit.
Will Man City persuade Haaland to sign new deal?
One of those is star striker Erling Haaland who is under contract at the Etihad until June 2027 and has regularly been linked with a move to either Real Madrid or Barcelona.
A recent report claimed that the Citizens are growing increasingly optimistic about their chances of agreeing a bumper new contract with Haaland.
According to The Sun, Man City are keen to persuade Haaland to commit his future to the club long term and any potential contract extension would see the striker remain at the Etihad for four or five more years.
The report adds that the 24-year-old would therefore pocket in the region of £100m overall without even taking bonuses into account.
Speaking about Guardiola's future last week, Haaland told reporters: "I hope Pep signs a new contract. He has been important for me in the first two-and-a-half years. I hope he stays longer. I like Pep a lot and hope he likes me, too."
Since joining Man City from Borussia Dortmund in the summer of 2022, Haaland has scored 105 goals in 114 appearances across all competitions, including 15 strikes in 16 games so far this season.
Haaland has been integral to City's success since joining the club and the prolific Norwegian has already won six trophies under Guardiola, including two Premier League titles and one Champions League.
Who else is in line for a new contract at Man City?
Man City have two first-team stars who will see their current contracts expire in June 2025 - midfield duo Kevin De Bruyne and Ilkay Gundogan.
While Gundogan has the option to extend his current deal by an additional 12 months, De Bruyne is yet to enter advanced talks with City over an extension to his contract and has been linked with a potential move to either Saudi Arabia or MLS.
Meanwhile, Man City may also look to hand Ballon d'Or winner Rodri a new contract, even though the Real Madrid-linked midfielder still has over two years left on his current deal.