The 34-year-old, who has been pushed out of the City squad by younger talents such as Kevin De Bruyne, reportedly turned down a move to the Chinese Super League in January.
Despite the former Ivory Coast international not featuring regularly under Guardiola, the Spaniard has said that Toure could help City in their bid for a fourth Premier League crown.
"Yaya helped us a lot last season but this season he has played less," Guardiola told Sky Sports News. "If I believe and he believes he can play then he will get some minutes. It depends on him.
"Last season he was so important for us, so important. He was the only one to renew his contract at the end of the season when it ran out. The other guys we did not renew.
"The only one was Yaya because he played [well]. Hopefully he can help us until the end of the season because I think we need him."
City, who face Burnley in Saturday's early fixture, are looking to move 18 points clear at the Premier League summit with a win.