The defensive midfielder has been a regular fixture in the starting XI at Camp Nou since his promotion to the first team under Guardiola, but says his former Barca boss could convince him to leave Spain.
"I always said that there are only two people who can change my decision to play for Barcelona," Busquets told ESPN.
"One is my wife and the other is Guardiola. It’s clear that I have a big debt with him and it would be an honour to work with him again.
"But he knows that my club is Barcelona, I don't think he'll ask me to work for him."
Jose Mourinho, meanwhile, has been heavily linked with a move to Manchester United, which would reignite the bitter rivalry between the Portuguese and soon-to-be City coach Guardiola.
But while the prospect of a renewal of an old rivaly is exciting for some, Busquets does not remember Mourinho's spell with Real Madrid fondly.
"My memories of Mourinho are negative," he added. "Those Real Madrid - Barcelona [fights] were bad for football, for us and for Spanish national team."