The Belgium centre-back was ruled out of the FA Cup fifth round 0-0 draw at second-tier Huddersfield Town on Saturday after picking up another leg problem in training.
Guardiola told a news conference on Monday that Kompany would be available for the FA Cup replay at the Etihad Stadium on Feb. 28 but would not be fit to face the Ligue 1 leaders.
But France defender Gael Clichy could return after a back problem. "We will see after the session tomorrow. He is much, much better. Maybe he will be back tomorrow," Guardiola said.
The Spaniard added that he would only choose his goalkeeper - Claudio Bravo or Willy Caballero - on the day of the match.
Guardiola also stressed how impressed he was with Leonardo Jardim’s side, who have scored more goals than any other team in Europe's top five leagues this season with 76 in Ligue 1.
"Monaco are physical and strong, the full backs play like wingers, the wingers play like attacking midfielders. They are killers in the box," he said.
"Both holding midfielders are intelligent, physical, strong, and they arrive in the box as a complete team. They are the best team in Europe in terms of scoring goals. So it's a tough draw."
(Reporting by Ian Chadband; editing by Ken Ferris)
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