The 19-year-old is widely regarded as the brightest young talent in world football, having enhanced his burgeoning reputation by helping France to World Cup glory in Russia this summer.
Mbappe is already the second-most expensive player of all time, but reports at the weekend suggested that City could look to rival the fee paid for the Frenchman's PSG teammate Neymar in an audacious bid to bring him to the Etihad Stadium.
However, Guardiola has ruled out the possibility of such a move happening, with a swap deal involving Raheem Sterling having also been mentioned.
"That is not going to happen. Sometimes I don't understand where the news comes from. City aren't going to spend the money that Mbappe and PSG deserve," Guardiola told reporters.
"PSG are not going to sell him, I guess. He's not coming here and we are not going to swap him for anybody.
"We are not going to swap for Raheem or any other top player we have, People should be more respectful to my players, and to players of other teams."
Mbappe has scored five goals in five games for PSG across all competitions so far this season.