The Spain international injured his foot while on international duty in October when he was ruled out for up to four months.
But Guardiola says he is in the gym and doing well – though he won’t be rushed back.
“He feels better,” said Pep. “Much, much better. He goes to the gym already but the doctor said it is an injury that we need to be careful of.
“If he comes back a few days too soon, he could be out another four months.
“One more week, ten more days and then come back. Metatarsal is so dangerous.”
The boss added that Kevin De Bruyne could play against Watford or RB Leipzig as he shakes off the effects of COVID.
After revealing the Belgian will travel on Saturday to Vicarage Road, he expanded on his return.
“The doctor said to me - and what I saw - is really good,” said Pep.
“He has recovered taste already. He needs time for rhythm.
“Maybe tomorrow, maybe Tuesday he starts to get minutes and we put him in the dynamic of the team.”
Watch the full press conference on the video above