Pep Guardiola says it would be understandable if Manchester City's owners were not happy with the club's performances in various competitions this season.

City are fourth in the Premier League, 11 points behind leaders Chelsea, while they exited the Champions League to Monaco at the last-16 stage.

The FA Cup represents City's last chance for silverware in Guardiola's first season at the Etihad Stadium and he accepts billionaire owner Sheikh Mansour may have expected to see more from the side.

"I don't think they will be happy," Guardiola told reporters ahead of Saturday's FA Cup semi-final against Arsenal at Wembley.

"The expectations of the club are as high as possible and are to win all the titles - and we were not able to do that.

"So if they are not happy, I can completely understand. And we could have done better in terms of the results and even in the way we played because we wanted to be in title the race and Champions League until the end.

"Despite the fact that I am happy with what we've done, it is still not enough. But they have to decide. They are my bosses. The chairman and the owner have to decide whatever they want. 

"But you are here asking every few days asking my opinion and I am honest. Because I'm a guy who if we don't play well I say we don't play well."

City face a crunch derby clash against Manchester United in the Premier League on Thursday, with their top-four hopes on the line, but Guardiola does not think his team's next two games will define the season.

"My season was good," Guardiola said. "I'm so happy. I'm happy here. I was so happy all the season, with up and downs. 

"Of course, in terms of that, to achieve a final, it doesn't matter which one. It's so important. All clubs in the world want to win titles. It's important. But I think winning or not winning isn't going to change too many things about the perspective of our future, what we are going to do.

"Titles help to win confidence, that the club is good enough to do great things. Winning titles give you the self-confidence to think 'okay, we are good enough to still compete'. What we have to do in the next years, nothing changes if we win or don't win the title."