Guardiola, who left Barcelona after four years to take charge at Bayern Munich in 2013, has agreed a three-year deal with Manchester City, and will begin his new job this summer.
The midfielder made his breakthrough at Camp Nou in 2008 under Guardiola and went on to become an integral part of the successful Spanish side.
“I have always said there are just two persons who could make me change my decision to stay at Barcelona. One of those two persons is my wife, and she is happy here right now, so I don’t think there will be any issues on a personal level,” said Busquets.
“On a sporting level, that other person is Guardiola. It’s clear that I owe Pep a lot and I would be honoured to work with him again, but he knows that Barcelona are my club and it’s his club as well. He knows it’s best for the club and for me to stay here and I don’t think he will ask me to leave Barcelona.”