Manchester City are second in the Premier League on 83 points having played 33 games. Liverpool are two points ahead of them, but they have played one game more and have just four fixtures left to play.
City won the Premier League last season with a tally of 100 points, but the season prior to that Chelsea won the league on 93 points which is a tally both sides can exceed and still not be triumphant.
"If we don't win these games this week, we lose both titles," said Guardiola.
"This season we had an incredible opponent in Liverpool. Usually 84, 85 points is enough to win the title. We both deserve it but only one can get it."
Guardiola's sentiments were reinforced by defender John Stones, who believes this situation helps to bring out the best in the City players.
"Vincent Kompany made a good point before Palace where these sorts of moments as players bring out the best in us," he said.
"We have got five games left in the league, everything to play for and we’ve got to keep believing and enjoying the pressure."
However, the focus at the moment is on the Champions League with City looking to overturn a 1-0 first-leg defeat against Spurs.
And Guardiola, who is in his third season in charge of City, is confident his side will perform to their full potential against Mauricio Pochettino's men.
"I don't dream too much about things far away. I want to get to the semi-final," he added. "Whatever happens tomorrow, next season we will be there again in the draw in Monaco in August.
"I know how focused the players are. The desire to get to the semi-finals. Will it be enough? I don't know.
"I got to the final once with one shot on target, and once I had 33 shots on target and didn't. Football is that game."