City sit second in this season’s Premier League, five points behind leaders Liverpool, and are on a run of four successive defeats across all competitions.
That is the first time Guardiola has been on such a dismal streak – excluding shootouts – in his career.
After the most recent of those losses, a 2-1 defeat at Brighton, he said: “Maybe after seven years winning six Premier Leagues, maybe one year another team deserve it.”
Guardiola has previously signed extensions in May 2018, November 2020 and November 2022.
Speaking in May after City’s historic fourth successive league title, Guardiola said he was “closer to leaving than staying”.
Guardiola then said “part of me is leaving” when director of football Txiki Begiristain announced in October that he – a long-time ally – would be leaving City at the end of the season.
Former Barcelona and Bayern Munich boss Guardiola said he wanted to be “really convinced” that any extension “is the best for the club”.
The uncertainty over Guardiola’s future has been cited by some as a reason for the club’s poor form.
There is also no timescale for the outcome of the disciplinary case brought by the Premier League for the 115 charges against City, which the club deny but could bring a huge sanction if guilt was established. Guardiola has continually backed the club and said critics need to wait for the final decision in the case before rushing to condemn the club.
He is the longest-serving manager in the Premier League, after Jurgen Klopp left Liverpool in the summer.
