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Published 14:08 23 Oct 2018 BST
"We are going to put in all effort to win this competition, but from what I saw last season we are not ready, that's what I feel.
"That doesn't mean we are not going to try."
Guardiola won the competition twice while at Barcelona, his team beating Manchester United in both the 2009 and 2011 finals. In his first two seasons at City, he's failed to take them beyond the quarter-finals - losing at the last eight stage to Liverpool a year ago and being knocked out by Monaco in the first knockout round the season before.
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