The Netherlands star spent two successive seasons on loam from Villarreal at the Liberty Stadium but, with the midfielder "keeping his options open", the manager is pessimistic
The Netherlands international has spent the last two seasons on loan at the Liberty Stadium from Villarreal, making 93 appearances in all competitions.
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However, a third move back to the Premier League side appears unlikely, with Monk conceding that he is preparing for the new season without the 26-year-old.
"We talked to [De Guzman] earlier in the summer. He wanted to keep his options open and I guess his options still are," Monk told Sky Sports.
"I do not anticipate him coming back at this moment in time.
"With the high turnover of players we have had and trying to get as much information across to them as possible, we have not got time to wait around.
"I am not closing the door on it - if it happens, it happens - but he and his agent were the ones who decided to keep his options open and we can't wait about."