At a news conference on Friday, Guardiola said he had not spoken to anyone from Bayern about Sane.
“Leroy is our player and hopefully he can stay,” the Spaniard said.
“For a long time they talk about their interest.”
He has two years remaining on his City contract, having joined the Premier League champions from Schalke in 2016.
When asked if City could buy a new centre-back to replace Vincent Kompany, who joined Anderlecht as player-coach in May, Guardiola said: “There is a chance but I don’t know if it is possible.
“We are so happy with the squad we have. I don’t know what is going to happen until the end of the market.”