The Chile star, who is about to enter the last six months of his contract, was strongly linked with a move to City at the start of the season and appeared to be on the verge of a late switch before the transfer window closed.
Sanchez was reported to have been disappointed that a move failed to go through, but speculation ever since has suggested that the two parties will eventually link up, either in January or at the end of the season.
And, after Jesus suffered an injury that Guardiola expects to keep the Brazilian out of action for up to two months in Sunday's 0-0 draw with Crystal Palace, the former Barcelona boss was asked whether such news might see him reignite his interest in the former Barcelona attacker.
But Guardiola does not see Sanchez leaving Arsenal in the coming weeks.
"I don't know," he told reporters when asked if another City move for Sanchez was on the horizon.
"He is a player for Arsenal and I think he is going to stay there. We will have internal meetings and see what is for the best [in terms of transfers], but he is an Arsenal player and I think he will be [staying there]."
Although the draw with Palace ended City's Premier League winning run at 18 matches, they remain unbeaten in the top flight this season.
Guardiola is adamant that they will not be matching Arsenal's "Invincibles" of the 2003-04 season by going the entire season without defeat, however.
"I swear to you," he said. "That is not going to happen. Maybe Arsene [Wenger, Arsenal manager] is worried about that, but I say as I've said to him, that run is for him - 2004 is for him.
"Today things are a lot different to 2004. There are more strong teams, the physicality, a lot of competitions and a lot of games. That [going the season unbeaten] is not going to happen."