The Blaugrana boss is out of contract in the summer and he confirmed after Tuesday's shock Champions League semi-final elimination at the hands of Chelsea that he will imminently make an announcement regarding his future with the club.
With Barca's European exit having come hot on the heels of Real Madrid all but reclaiming the Liga title with a 2-1 Clasico success at Camp Nou on Saturday, it has been speculated that Guardiola might now feel that the time is right to walk away. However, Lilo does not see it that way.
"I do not think Guardiola's decision will be based on what has happened," the former Almeria coach told Onda Cero Catalunya. "Maybe Pep had already decided.
"I do not know if he feels able to continue and who knows how he will feel when he makes his decision.
"But right now it seems that a lot more good things have happened for us than bad things, although it's true that time will tell the full story."
Lillo argued that no matter what Guardiola opts to do, the man who has led Barca to 13 titles since taking charge of the Catalan outfit in 2008 will retain the respect of everyone involved in the club.
"The players hold a great admiration for Pep, a trainer for whom there is very little to criticise," he pointed out. "As a person, nobody can criticise him for anything."
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