The Reds are currently top of the Premier League by two points, having played one game more than the reigning champions.
With only two months of the 2018-19 campaign remaining, City are still the masters of their own destiny, after chasing down a seven-point gap at the summit at the start of 2019.
Liverpool's form since the turn of the year has seen their chances of landing a first league crown in 29 years decrease dramatically , but there could still be plenty of twists and turns in the race between now and May.
A number of Anfield stars have stood out with their consistent displays this season, especially Virgil van Dijk, who has been a constant presence at the back for Jurgen Klopp's side, helping them to earn the best defensive record in the top flight.
Lescott, however, does not believe that a single member of the Reds contingent could force their way into Guardiola's first XI at the Etihad Stadium, and he insists that Aymeric Laporte has been just as impressive as Van Dijk this term.
“Both Pep Guardiola and Jurgen Klopp will each be happy with their own team and their players suit their styles of football," Lescott told talkSport on Thursday.
“I’m not sure I’d take a single one of Liverpool’s players for Man City’s team, but it’s fair to say both have put together great squads.
“From a Man City perspective, I have been very impressed with Aymeric Laporte this season, who has arguably made a similar impact to what Virgil van Dijk has at Liverpool.”
Man City have the chance to return to the top of the table when they travel to Fulham after the international break on March 30 , while Liverpool host Tottenham the following day.
Lescott, who played for City between 2009 and 2014 and picked up two Premier League winners' medals in the process, went on to back his former employers to retain their crown, insisting that the Reds have blown their chances of glory already.
“I expect Manchester City to go on to win the Premier League," he added. "It is interesting that they’ve been able to overtake Liverpool so quickly.
“I don’t think it’s a surprise that Man City have won the games they have, but rather that Liverpool have dropped points in recent weeks.
“Earlier on in the season, the title could have been Liverpool’s to lose but they threw the opportunity away with a bad run of games where they didn’t achieve what they should have done. It’s now in Manchester City’s hands and I don’t expect them to let it slip.
“Retaining the Premier League title will be Man City’s biggest achievement and to become the first side to do it since Sir Alex Ferguson retired from Manchester United is another camel off their backs in the city.”