The Citizens finished top of the English top flight this season in record-breaking fashion, racking up exactly 100 points across their 38 fixtures.
City's only major disappointment was failing to make too much of an impact on the continent, having been dumped out of the Champions League by Liverpool in the last eight.
Guardiola insists that focusing more on European games next term would be "a huge mistake", however, as the Premier League remains the top target.
"Premier League. No doubt," he told Sky Sports News when asked which he would rather win. "It will be a huge mistake to think: 'OK now we have the Premier League, we are now going to go for the Champions League instead'. Big mistake.
"To be out of the Champions League and win the Premier League again, I'd sign it now. The Premier League is the most important thing. It gives you the consistency to arrive at the right moment.
"The Champions League is so complicated the opponents are so good, all of them. The Premier League is the most important thing."
EFL Cup winners City were also knocked out of the FA Cup by Wigan Athletic in the fifth round.