Both players were absent from last week’s 4-0 win over Bournemouth with minor injuries sustained in training earlier that week.
They are now available for selection again, leaving just Aymeric Laporte out of action while he recovers from knee surgery.
Asked in his usual media briefing in Manchester on Friday, Guardiola said: “Cole [Palmer] is back. Kalvin [Phillips] is back. Some niggles for some players but the rest are okay.”
The manager also said Sergio Gomez will be part of City’s travelling party to Newcastle on Sunday.
Gomez started training with the first team squad this week after completing his move from Anderlecht on Tuesday and Guardiola is happy with what he has seen from the Spanish left-back.
“So far, so good. No complaints,” he said.
“He is settling in, his mood is exceptional and he is starting to know us. He will travel with us.”
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On Sunday’s opponents, Guardiola praised the impact of manager Eddie Howe since he arrived at St James’ Park in November 2021.
He also explained that City’s 5-0 victory in May will have no bearing on this weekend’s match, as Newcastle were safe from relegation and City were hunting down another Premier League title.
“They had an incredible run of games and after that they were safe.
“Our level of attention and concentration was high because we had four games left and we gave everything and got as good result. But I saw in the game against them we struggled with the second balls.
“They are exceptional in terms of how direct and aggressive they are. Eddie Howe always makes competitive teams - at Bournemouth and here. Newcastle away is always an incredible environment. The stadium is one of the best I have seen here.”
Newcastle v City
City take on Newcastle United at St James’ Park at 16:30 BST on Sunday 21 August.
You can follow the game in our Matchday Centre on mancity.com and the official app, which includes minute by minute text updates from 14:30, whilst key moments will be covered on Twitter: @ManCity.
Our Matchday Live show begins one hour before kick-off and is available on all our digital platforms, including our Matchday Centre.
And, during the game, you can listen to live audio commentary in the Man City app.
Short highlights will be available to watch on Sunday evening, while CITY+ subscribers will also be able to enjoy every minute of the action in our full-match replay from midnight.
