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The Spaniard can walk away from the club at the end of the season, according to the Daily Mail.
The report states Guardiola inserted a clause in his new contract stating that if he wants to - and certain unspecified conditions are met - he can walk away.
City chiefs are apparently confident their manager will stay at least until the end of his current deal, but have started making contingency plans just in case.
Last month, Guardiola confirmed he would be open to extending his contract - which runs out at the end of next season.
Man City are planning for life after Pep Guardiola (Image: GETTY)