He said this was because they don’t have a big enough “history and tradition” in the competition.
The Spaniard, however, named Real Madrid, Juventus and Barcelona as favourites to win the trophy.
Guardiola has won the Champions League on two occasions with Barcelona but is not convinced his current team is ‘ready’ to lift the trophy come the end of the season.
The former Bayern Munich manager said that Real Madrid, Barcelona and Juventus impressive history in the Champions League gives them the edge.
‘If we are favourites it means we are good, really good,” Metro quoted him as saying.
“But the best the club has done is a semi-final and I don’t know if we are ready, to be honest. When you believe you can win, then you have to do it.
“The favourites are the clubs with a bigger history and tradition than us.
“Real Madrid and Barcelona and also Juventus have been to the final twice recently and are getting closer every time.”