Italian news agency AGI reported that Juve had reached an agreement with Guardiola for him to succeed Massimiliano Allegri, whose departure was announced last week, as manager.
According to the outlet, the Catalan was set to sign a four-year deal worth €24million per season with the Bianconeri on 4 June and be presented to the media 10 days later.
However, City Football Group executive Alberto Galassi categorically rejected the rumour and stated Guardiola wishes to stay at the Etihad Stadium, something the manager said himself prior to last weekend's FA Cup final against Watford.
"As a Manchester City board member, I was very surprised to read such a load of nonsense," Galassi told Sky Sport Italia. "Firstly, our coach wants to stay and has another two years on his contract. Secondly, any club like Juventus would never have allowed the release of such news.
"It is not possible to think that there will be a presentation in a few days and that City is unaware of it before they have even contacted us. It is totally groundless and false.
"[Guardiola] is a great professional and he can't believe his words are not listened to. He does not want to leave. Therefore, the problem does not exist because the whole matter does not exist."
Galassi confirmed he has spoken with Juve vice-chairman Pavel Nedved about the rumours.
"We had a laugh. We both realised the issue had become ridiculous. I'm sorry for Juventus fans, but they will need to find another coach. Let Pep enjoy his holidays."