The Chilean international has six months left on his contract and has decided against signing a new deal at the Emirates. He has already set his sights on leaving his current employers in the summer transfer window.
Sanchez played under City manager, when the duo were at Barcelona. The Catalan coach wanted to bring the Gunners forward to the Etihad on the deadline day in August. When asked if injuries could force him to make a move for Arsenal star in January, Guardiola said: "I don't know (what's going to happen) but he's a player of Arsenal and I think he is going to stay there."
"There is some time to ask me that but I have a lot of things to think about, because in two days we have another game.
"In the internal meetings we are going to decide what is best. But my feeling now is that he's an Arsenal player and he will be."
Sanchez's move to City collapsed after Arsene Wenger's side failed to secure AS Monaco winger Thomas Lemar's signature. Arsenal made a club-record £92m bid for the France international.
However, their failed bid for Lemar saw the South American attacker's move to the Etihad collapse in the final hours of the summer transfer window. It is believed that Sanchez will join City on a free transfer in the summer.