Guardiola is due to see his contract at Man City expire in the summer of 2025 and there have been reports to suggest that the current campaign could be his ninth and final season with the reigning Premier League champions.
Speculation over Guardiola's future has also intensified since it was confirmed by the Citizens that director of football Txiki Begiristain - a close friend and colleague of Guardiola - will be leaving the club at the end of the season, with Sporting Lisbon's Hugo Viana named as his replacement.
Widely regarded as one of the greatest managers of all time, Guardiola has transformed the Citizens into the dominant force of English football since arriving in 2016, winning six of the last seven Premier League titles, as well as winning four EFL Cups, two FA Cups and three Community Shields.
The 53-year-old led Man City to Champions League glory for the first time in the club's history in 2022-23, the same season they completed a historic treble, and they later became FIFA Club World Cup champions before winning an unprecedented fourth successive Premier League title last season.
Guardiola yet to make final decision on Man City future
Since admitting at the end of last season that he is "closer to leaving than staying" at Man City, Guardiola has opted to remain coy on his future at the Etihad.
The Catalan coach admitted last weekend that "anything can happen" when speaking on Italian TV show Che Tempo Che Fa about his future as well as links with the England manager's job.
It is understood that the Football Association have sounded out a number of candidates as they search for a successor to Gareth Southgate, who resigned from his post following England's Euro 2024 final loss to Spain in July.
One of those is believed to be Guardiola, with a recent report claiming that the FA have made contact with the Man City boss to gauge his interest in the senior national team role, currently occupied by Lee Carsley on an interim basis.
According to The Telegraph, Guardiola 'emphatically fits the criteria' put forward by the FA for a new head coach and the Catalan admires the current England team, which includes a number of players he has worked with such as Phil Foden, John Stones, Kyle Walker, Jack Grealish, Rico Lewis and Cole Palmer.
Guardiola 'most likely' to sign short-term Man City contract extension
The report adds that it remains 'entirely possible' that Guardiola will depart City when his current contract expires and he may take another sabbatical, as he did when he left Barcelona in 2012 before joining Bayern Munich a year later.
However, as things stand, sources have 'tentatively suggested' that the 'most likely scenario' is that Guardiola will put pen to paper on a new one-year contract at Man City.
It is claimed that Guardiola likes the idea of completing at least 10 years at the Etihad and a shorter-term extension is expected if he wishes to remain beyond the end of this season, even though Man City's hierarchy are keen for him to stay for longer.
Should Guardiola decide to remain at Man City, England will be forced to pursue other managerial targets, with other foreign managers including ex-Bayern Munich boss Thomas Tuchel and current Tottenham Hotspur manager Ange Postecoglou said to be on their shortlist - the former of whom is allegedly in talks with the FA.
English coaches including Newcastle United's Eddie Howe and former Chelsea boss Graham Potter have also been linked with the Three Lions vacancy, while interim coach Carsley has refused to confirm or deny whether he wants the permanent job.