The Citizens have won all but two of their Premier League games this season and remain unbeaten at the top of the table, 15 points clear of second-placed Manchester United.
However, Guardiola is eager to stamp out any complacency that may set in at the club, with 16 league games - and 48 potential points - still left this term.
"In football and in sport, anything can happen," the Spaniard told Sky Sports News.
"Of course we can lose the title because you never know what is going to happen in the next 13 or 14 games you have to play. Of course, if we maintain our level, the consistency and the way we play, then OK, we have a chance. But you never know.
"If we start to go down, and lose confidence, and don't play well regularly, then we will see. Maybe that is going to happen, and I am going to shake the hand of my opponents and congratulate them for being champions. But it is simple - just focus on the next game. That is the best advice I can give to my players."
Up next for Man City is Sunday's Premier League trip to Liverpool.