The City manager is a huge admirer of the Chilean forward, who only has a year remaining on his Gunners contract, having enjoyed a period of glittering success with him during his time at Barcelona.
Sanchez is similarly interested in a reunion at the Etihad and is understood to be willing to take less money than Arsenal are currently offering to make that dream a reality.
Paris Saint-Germain remain interested in Sanchez and could yet test Arsenal's resolve not to sell this summer but Guardiola appears happy with his attacking options.
"I have enough good players up front," he said. "(They should) just relax and score goals - that's all. I have two amazing strikers, two number nines, Gabriel (Jesus) and Sergio (Aguero), but I have others who can score a lot of goals."
One of City's shortcomings last season, as they failed to mount a serious Premier League title challenge, was their failure to make the most of openings in front of goal.
Little criticism could be aimed at Aguero, who top-scored with 33 goals, while Brazilian Jesus showed a clinical eye after arriving in January only to be held back by injury.
Guardiola will look to the likes of Kevin De Bruyne, David Silva, Bernardo Silva, Leroy Sane and Raheem Sterling to deliver more goals. De Bruyne struck just seven times last term, nine fewer than the previous campaign, but did also hit the woodwork nine times.
"Leroy scored goals last season and Kevin De Bruyne is a guy who scores 15 goals (a season)," Guardiola added. "If just half of the posts - chances which he creates himself - scores a goal, it is a step forward."
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