The two sides meet at the Allianz Arena on Tuesday, with Wolfsburg having finished second behind Bayern in the Bundesliga last year before beating the same opponents on penalties in last month's DFL Super Cup.
Dieter Hecking's men head into the eagerly anticipated clash four points shy of Bayern, which is level on points with Borussia Dortmund at the summit on the back of five wins from its opening five league games.
"Wolfsburg have invested a lot recently. People wanted a competitor for Bayern and not just they are there," Guardiola told a press conference, before listing Bayer Leverkusen and Schalke alongside Wolfsburg and Dortmund as title contenders.
"We know [Wolfsburg's] quality and their style of play. But, as usual, it's all about the three points."
Guardiola, who confirmed that striker Robert Lewandowski will be available once more after recovering from an ankle problem, is also looking forward to a reunion with Dante.
The Brazilian defender joined Wolfsburg from Bayern in August having lost his starting spot at the Allianz Arena.
"I want my players to be happy," Guardiola added, reflecting on Dante's desire to leave. "I would also be satisfied if he had stayed because he helped me a lot."