The club will hold a board meeting in Abu Dhabi with chairman Khaldoon al-Mubarak expected to make the deciding call, the Guardian reports.
City had no plans to act in the winter transfer window but Kompany’s latest injury - suffered in a collision between himself and Claudio Bravo in last Saturday’s win at Crystal Palace - may force Guardiola to rethink.
Kompany is now suffering from his 35th separate injury-related problem in eight years at the club after being diagnosed with knee ligament damage in the wake of City’s victory over the Eagles.
"He has a problem with his knee," Guardiola confirmed ahead of Wednesday’s Champions League game at Borussia Monchengladbach. "He could be out for weeks. He's sad and I'm sad. It's a long time he doesn't play.
"He is in the best hands so he can recover as soon as possible. He will make the best treatment possible.
"The doctor told me a few weeks [that Kompany will be out]. We'll see. It is ligaments."
Guardiola had reportedly handed Kompany one more season to try to regain his fitness but this new setback places his future at the Etihad Stadium in jeopardy.
Worryingly for Guardiola, the captain’s absence leaves City desperately short on defensive options with John Stones as the side’s only first-choice centre-back.
The Catalan remains unconvinced by Nicolas Otamendi while Aleksandar Kolarov, a left-back, has been deployed at centre-back to mixed success.
Question remarks continue to hang over Stones’ suitability too. The Englishman was at fault for Monchengladbach’s goal on Wednesday night – not the first time the 22-year-old has made a costly mistake this season.
Guardiola had hoped Kompany’s senior experience would help cultivate the youngster’s potential but with the Belgian once again out of the picture, City are now keen to fill this void as the club set about fixing their defensive issues.