The Etihad clash will pit top versus second with Mikel Arteta’s Gunners arriving in Manchester armed with a five-point lead – but with reigning champions City having two crucial games in hand.
It means whoever emerges as victors on Wednesday will have the destiny of the title race in their own hands.
Looking ahead to the game at Tuesday’s pre-match press conference, City boss Guardiola acknowledged the key significance of a fixture that has captured everyone’s imagination.
But he stressed the importance of his side concentrating on our own collective game and seeking to maintain the standards that have piloted us into a position where we are still in the hunt for three trophies.
However, he also acknowledged the quality and threat that have seen Arsenal lead the way in the Premier League for the majority of the campaign to date.
“It’s an important game, we can get points and our biggest opponent cannot,” Guardiola reflected.
“But we have to focus on what we have to do.
“We’ve played two times this season and in the FA Cup and there (away at Arsenal in the league) they were really tight games and really difficult.
“When you play against these teams they can control everything.
“I’ve said from a long time ago with Arsenal when with Arsene Wenger they always have the incredible details and care of the ball and who they select to play with the biggest quality and biggest skills.
“But Mikel has brought a new dimension. They are huge competitors in all senses, so aggressive.
“They went to Anfield a few weeks ago against a team who are maybe the second balls, long balls, Arsenal were better.
“In terms of winning duels they were better, especially that part of the game.
“They controlled all aspects and we felt it, I don’t say anything new.
“In the two games we played this season we felt it and we need to challenge them in those terms otherwise with the speed they have up front and the intensity they have in the long balls and second balls and quality they have in the build-up, always it’s difficult.”
Looking ahead to the game earlier on Tuesday, Gunners boss Arteta said he felt his side would need to be ‘perfect’ in order to obtain a positive result at the Etihad.
From his own perspective however, Guardiola adopted a more pragmatic approach when asked if his side needed to be perfect too.
“Perfection doesn’t exist in football. You cannot be perfect and win games,” the City boss asserted.
“We know like what happened against Bayern Munich and in the future against top teams - your standards must be so high.
“The way they play and how they’ve been so far, they demand to be really good.
“We know what we have to do to impose our game.”
City v Arsenal
City play host to Arsenal on Wednesday in a huge Premier League encounter with kick-off at the Etihad set for 20.00 (UK) and you can follow the game across mancity.com and our official app.
We will start live updates at 18:00 on our Matchday Centre and that will run throughout the evening.
Our Matchday Live programme will begin shortly before team news arrives at 18:45 (UK). Cel Spellman will be in the studio with Paul Dickov, Kolo Toure and Steven McInerney on hand to give you a City-centric view on events.
During the game, Alistair Mann and Andy Morrison will talk you through proceedings with our radio commentary offering.
Afterwards, we will bring you all the reaction before short highlights and extended highlights are available from midnight.
CITY+ subscribers can watch the entire 90 minutes back from midnight on Wednesday.
Don’t forget, the best way to follow Manchester City is by downloading the official app!