The Ukraine international played a big part in our recent years of success, winning 10 trophies including four Premier League titles before moving to the Gunners in the summer.
Zinchenko was given a warm welcome back when he returned with Arsenal in January in the FA Cup fourth-round clash which City won 1-0.
He was also seen sharing a joke with his team-mates at full-time and Guardiola says he remains loved and respected throughout the Club.
“Everybody is in love here with him, he was an important figure in our club,” the boss said ahead of Wednesday night’s clash.
“What I liked with Oleks was in the first years we wanted to move him because we thought he wouldn't play much but he said ‘no I will fight for my position’. I said: ‘Oleks it’s difficult. I have many players in your position at number 10’ but he said ‘no I am going to play here’.
“He trained really well, never a bad face, always good behaviour and normally when you don’t play sometimes they say I don't want to do it but he was the opposite. Staying extra time in the gym working.
“And for the circumstances of life with a lot of injuries in one position and the way we wanted to play at full-back. He took the opportunity like it was his last chance in the world. That means he is a good player and has a good mindset.
“Then what happened with Arsenal, Mikel [Arteta] knows him very well because they worked together and he believed in this to try to make our process in build-up a little bit better. I’m happy for him. It’s going well.”
Watch the second half of Pep’s press conference in the video above…