The forward has been heavily linked with a move away from the Etihad Stadium this summer, with the Argentina international fuelling speculation by insisting that conversations will need to be held to establish his role in the squad.
Alvarez is not expected to be short of interest if an exit is green-lighted by City, with Arsenal and Atletico Madrid among his suitors. However, Guardiola has insisted that there is ‘no news’ regarding the 24-year-old.
Speaking after his side’s 4-2 win over Chelsea in pre-season, the Spaniard said: "No news. I don't have anything to say. He will come back. I count on him, but he said in the news that decisions will be made all together.
"Now he has to rest and when he feels ready to come back he will come back.
"I'm sure when he comes back I'll hug and congratulate him for the Copa America, for the Olympics and we will start to work together. This is the reality. What happens in the meantime, I have a thousand million things to think about the team.
Julian Alvarez has fuelled speculation about his future previously (Image: Getty)
"Next week we play for the first trophy of the season [the Community Shield against Manchester United at Wembley]. Two weeks we play at Stamford Bridge again, that's my only concern."
Atletico Madrid are pushing to strike a deal for Alvarez and conversations with the entourage of the ex-River Plate attacker have been held to establish whether a deal would be possible and the potential finances involved.
Though they aren’t the only outfit to have spoken with his representatives.
According to HITC, Arsenal have also ‘held talks’ with Alvarez’s agency as they look to bolster their forward ranks.
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Mikel Arteta is reportedly a fan of Alvarez (Image: Getty)
The Gunners are hoping to sign a right-sided player and their search, as well as claims that Alvarez could become available, has led them to ‘testing the waters’ with Alvarez.
Mikel Arteta and Edu are ‘big admirers’ of Alvarez and they are monitoring the situation to see whether striking a deal to acquire the services of the versatile attacker is possible. Arsenal are yet to contact City about their No. 19 at this stage.