With Sanchez out of contract at the end of this season, it has been speculated City could return with a reduced bid for the forward in January with Guardiola not ruling out a move.
At one point Sterling was mooted as a potential makeweight in the Sanchez deal, but Guardiola said he was determined not to allow the 22-year-old England forward to leave.
Sanchez was reportedly left angered by the proposed move falling through but has been told by City that they will try to sign him again in January, according to Goal's Sam Lee and Chris Wheatley.
"He's an Arsenal player". At the end Arsenal decided not to sell him.
"I wouldn't have wanted to play for a reason like this".
"Sometimes deals happen, sometimes not", he continued.
Everton's Ross Barkley was also close to a move away with Tottenham and Chelsea both linked while Southampton's Virgil van Dijk had submitted a transfer request in what looked like a come-and-get-me plea to Liverpool.
And the Daily Mail say Arsenal have real hope of signing Sterling, who has 34 global caps, as he is open to a return to London and the chance to play more regularly under Wenger.
"He spoke with Ferran I think".
"He was in Manchester, this lovely city and I said "hi".
We have yet to find out just how long the rest of the Arsenal playing career of Alexis Sanchez will last.
"This time it was not possible, but hopefully we have him here in the future".
"If he has any issue with us or with any teams, he has Ferran Soriano to ask about any financial issue inside the club", Guardiola said. As far as I know, UEFA didn't call us to say that we are being investigated. "So maybe Mr Tebas of La Liga could learn some things about this competition as well".