While another transfer appeared unlikely, Guardiola has said that "what happens, happens" when quizzed on the future of the Portugal international.
Speaking to reporters, Guardiola said: "In the last month we've had the best Kyle [Walker] and I give continuity to him. [Cancelo]'s adapting and he has a special quality and he can help us in many, many games.
"We bought him for many years, not for six months, but what happens, happens. I don't know what will happen in a few weeks. In the summer we will discuss."
Cancelo has made 10 starts and five substitute outings in the first half of this season.