The Blues have splashed nearly £1billion in 15 months, including £173million on midfielders Moises Caicedo and Romeo Lavia this week.
City have made two signings all summer, making Josko Gvardiol the most expensive defender in history after buying Mateo Kovacic from Chelsea.
talkSPORT understands the Premier League champions were told to cough up £85m for West Ham midfielder Lucas Paqueta after having a verbal £72m bid rejected.
City’s interest in the Brazilian has since cooled after the FA launched an investigation into alleged betting breaches by the Hammers star.
But, speaking earlier on Friday, Guardiola was keen to remind the media that City are not the worst culprits when it comes to big spending.
He referenced Harry Maguire, Marc Cucurella and Alexis Sanchez as examples of players who City decided were not worth the asking price.
The Spaniard said: “I couldn’t sit here if we spent what Chelsea spent in the last two transfer windows – you would kill me.
“You will kill me, that is for sure. We’d be under scrutiny like you couldn’t imagine. We have to see what happens in the market and if we can do it and to pay what we believe is fair.
“We wanted Maguire and didn’t buy him because we didn’t want to pay, we wanted Cucurella and didn’t pay, we wanted Alexis Sanchez and didn’t pay.
“In the end we will pay what is fair to do it. Otherwise we have the academy. We won’t be desperate just to get another player.
“I don’t criticise Chelsea for one second. I’m saying if we do it, we are dead, all around the world.
“People’s mindset has to change – everyone spends a lot. Not just City.”
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