The 33-year-old has won four Premier League titles, two FA Cups and the League Cup four times with City while, on the international stage, he won the World Cup in 2010 and the Euros in 2008 and 2012 with an all-conquering Spain side.
"We have to enjoy him in the year that he has left," fellow Spaniard Guardiola was quoted as saying by Sky Sports.
"He has been one of the greats not only in Spanish football, but in European football as well.
"He has played for 10 years in Manchester and it is not easy to perform in that league for someone with his qualities. He has done incredibly well."
Silva, who has played 396 times for City in all competitions scoring 71 goals, was a key member of their domestic treble-winning side last season.
"He helped me personally, he has helped us a lot in these three years we have been together," Guardiola added.
"We have another year more and I hope we can live another good year together."
The new season begins on Aug. 9 and the champions begin their title defence at West Ham a day later.
(Reporting by Rohith Nair in Bengaluru, editing by Nick Mulvenney)
