Sanchez is expected to leave the Emirates either in January or the summer with his current contract set to expire at the end of the season.
The Chile international was close to joining City last summer in a £60million move but the deal fell through as Arsenal failed to make progress in a deal for his replacement.
Earlier in the season, Guardiola downplayed City’s chances of signing Sanchez in January but the former Barcelona boss remained coy when the subject was brought up on Friday.
Asked whether City would move for the 28-year-old, Guardiola said: ‘Good question! That’s why you’re here [laughs].
‘On the pitch you know. The transfer window is in winter time so I don’t know. I don’t know what we are going to do, because it’s not…OK.’
Guardiola, who has taken City 11 points clear at the top of the Premier League after just 17 games, also insisted Kyle Walker was one of the world’s best.
Walker, 27, has impressed for City this term and is set to face former club Tottenham on Sunday at the Etihad.
On whether the England international was one of the best players in the world in his position, Guardiola said: ‘Yeah, right now, definitely.
‘His energy, he is so strong defensively but I would like to help him solve the problems not only through his physicality, but also his thinking.
‘Normally when the people are so strong physically, he solves all of the problems with that.
‘But he will get older and after that maybe he is going to need to use more thinking about what happens and that’s why we like to encourage him to think.’
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