Even as recently as last weekend there were back-page reports claiming the in-demand former Barcelona boss was destined for the Etihad Stadium in the summer.
That will not be happening following the confirmation in midweek that Champions League-winner Guardiola, after a year-long sabbatical, will return to the game with German giants Bayern Munich next season.
While Guardiola was suggested as a possible fit for several clubs, speculation he could be City's next boss intensified after the appointment of former Barca executives Ferran Soriano and Txiki Begiristain to senior roles at Eastlands.
But Mancini said: "I didn't have any problem for this - I understand the newspapers should write that every manager wants to take this place because it is a good place.
"But I think we work very well here, I have a five-year contract and I think this is possible for five years."
Mancini committed himself to City until 2017 after guiding them to their first league title in 44 years last summer.
At the same time, Guardiola stepped down at the Nou Camp to take a break from the game.
Mancini, at a press conference to preview City's Barclays Premier League clash with Fulham this weekend, was asked if he was surprised at Guardiola's choice of next club.
The Italian said: "I don't know - you should ask him.
"Bayern Munich is one of the top clubs in the world for its history, like Barca.
"If he decides this it is because it is the best solution for him."
Source: Manchester City MAD