Reports in English media this week suggested that City were planning a £200m move for the World Cup-winning striker with the French champions potentially facing Financial Fair Play issues.
However, ahead of City's UEFA Champions League clash with German side Hoffenheim, the Spaniard was quick to dismiss the speculation.
"That is not going to happen," Guardiola said. "Sometimes I don't understand where that news comes from.
"Man City doesn't have or is going to spend the money that Mbappe and PSG deserve. PSG is not going to sell this kind of player to any other sort of club in the next years, I guess. So that is not going to happen.
"Mbappe is not going to come here and we are not going to swap Raheem [Sterling] or any other top player that we have," Guardiola added.
"People should be more respectful of PSG, respectful of Manchester City, for the players from PSG, for the players from Man City, they should have more respect.
"Of course I am the second person to know exactly which players are targets, which players I want to sell or something like that. But it is what it is."