The 20-year-old left Jadon Sancho The Etihad three years ago to sign for Borussia Dortmund.
Since then, Sancho has become a highly coveted young players in European football.
Sancho is expected to leave Germany before next season and although Guardiola is looking to make changes to his squad, he has made it clear the England winger is not his priority.
“He (Sancho) decided to leave, why should he decide to come back?
“When he decided to move to Dortmund, it is not because he is going to decide to come back two years later.
“It would make no sense. He didn’t want to be here so that is why he doesn’t want to come back here,” Guardiola said ahead of their clash with Liverpool at the Etihad Stadium.