City have been drawn against Real Madrid in the last 16 of Europe's leading competition, with the first leg scheduled to take place at the Santiago Bernabeu on February 26.
City have never reached a Champions League final and have not even reached the last four during Guardiola's time in charge.
The reigning Premier League champions are currently 22 points adrift of leaders Liverpool, and now look set to turn their attention towards Europe.
But Guardiola says it will not be easy to triumph given City's lack of historic Champions League experience.
“That’s why it is so difficult to win it. And in 100 and more seasons of history for Manchester City, it was 100 seasons of failure – that is not true,” he told Football Daily.