The 32-year-old cancelled his contract with Italian champions Juventus by mutual consent on Deadline Day as he brought an end to his 25-year association with the club.
The Italy international has since been linked with a host of clubs, with City one of the latest to be linked after missing out on bringing in midfield reinforcements in the summer and then seeing talisman Kevin De Bruyne sidelined for three months with a knee problem.
However, when asked about a potential move for Marchisio ahead of sunday's clash with Huddersfield Guardiola poured cold water on the reports.
"No. First a big comment for his career - he made an amazing career at Juventus and with the national team," he said.
"In December, we are going to see what happens in the [next] transfer window but now the squad is the squad."
Marchisio made 20 appearances for the 'Old Lady' last season, showing he still has plenty to offer to interested parties.