The 68-year-old Frenchman is the longest-serving manager in British football, having been appointed by the Gunners in September 1996.
Guardiola has faced off against Wenger with Barcelona, Bayern Munich and most recently Manchester City, and the Catalan coach insists that his counterpart's contribution to football in this country cannot be understated.
"He has all of my respect for what he has done. The Premier League is about huge personalities like Arsene," he told reporters at his weekly presser. "It is what it is because of what he has done, his vision.
"I wish him all he best in the future. I hope he can be involved in world football in a different way with his experience. At Arsenal, UEFA, FIFA, I don't know. It was a pleasure to compete against him here, at Barcelona and Bayern Munich."
Asked about staying at one club for multiple decades, Guardiola added: "It's difficult. Sir Alex Ferguson did it at [Manchester] United, but it's so complicated.
"Social media, opinions, you feel pressure because staying in the Premier League is so important. Sporting directors don't have a lot of patience. It will be so difficult to find a person who will do that."
Wenger has a maximum of eight matches left in charge of Arsenal, beginning with Sunday's meeting against West Ham United on home soil.