The Portugal international was formerly a key cog in his manager's system, shining in a hybrid full-back role and signing a new long-term deal midway through the 2021-22 campaign.
Just a few months later, though, Cancelo quickly fell out of favour under Guardiola amid reports that their relationship had become strained, and he spent the second half of the season on loan at Bayern Munich.
There would be no Etihad redemption tale for Cancelo last summer either, as the ex-Juventus man spent the 2023-24 season playing for Barcelona, where he contributed four goals and five assists from 42 matches.
A permanent move to Camp Nou was mooted, and Barcelona president Joan Laporta confirmed plans to keep both Cancelo and Atletico Madrid loanee Joao Felix on the books for the 2024-25 campaign.
Guardiola confirms no firm bids for Cancelo
However, La Blaugrana are not in a position to sign Cancelo on a permanent deal, and the Portuguese defender is still on the books at Man City ahead of Sunday's Premier League opener against Chelsea.
Cancelo did not play a single minute for the Premier League champions in pre-season, which was partially down to his participation at Euro 2024 for Portugal, but his contract runs for another three years.
When asked by the press on Friday whether Man City had received any enquiries for Cancelo, Guardiola responded with a firm "no" before going on to say that he could remain at the club for the coming season.
"He's training with us. We will see. Maybe he will stay, maybe he will go on loan. I don't know yet," Guardiola responded. "About what's going to happen, it depends on his agents and the club.
"In the end, if he has to stay we will treat him like all the other players, with respect, and try to take the best from the huge qualities he has."
Could Cancelo revive his Man City career?
Heralded as one of the best full-backs in the land when on his game, Cancelo has contributed nine goals and 21 assists in 154 matches for Man City and eventually adapted to Guardiola's demands after a shaky start.
The 30-year-old still has no real chance of displacing Kyle Walker at right-back, even with the 34-year-old now in the latter stages of his career, and Rico Lewis is backup to the City skipper anyway.
However, some of Cancelo's best displays in recent years have come on the left-hand side of defence, where Guardiola has been without an out-and-out option for some time.
Nathan Ake and Josko Gvardiol have both taken up left-back duties in recent months, but Cancelo may be a more natural fit on that side, and it seems a shame to waste the "huge qualities" that Guardiola talked up.
The Barcelona trail has gone cold for now, and if Cancelo is not seduced by the riches of the Saudi Pro League, trying to win his place back at Man City may be his best bet.