Pep Guardiola says he has given his life to Bayern Munich after failing to take the club to a Champions League final on his third and final attempt.

The former Barcelona coach is set for Manchester City after this season, meaning Tuesday's elimination from the Champions League at the hands of Atletico Madrid spells the end of his European hopes with the German giants.

Guardiola was appointed coach with the stated aim of turning the Bavarian club into a major Champions League force and while he has taken the side to three-straight semifinals, he failed to get the club to a decider.

"I have given my life for this team, I fought and gave my best," he told reporters after the game. "That's all. We are not in the Champions League final but I am very proud of this team. We played the way we wanted to play. What was missing, was a goal. I am mostly sorry for the players."

Guardiola was not interested in discussing the performance of referees in his post-match news conference, after Bayern chief executive Karl-Heinz Rummenigge said his side felt "cheated" by the officials.

Instead, the outgoing coach said he hoped the incoming Carlo Ancelotti was able to take the club forward.

"We gave everything and I hope Carlo Ancelotti can maintain the level," he said. "The important thing is that the club has a great future and great players with a great attitude. Titles are only numbers I wanted to reach any final and I hope Carlo Ancelotti can achieve that."