Cherki arrived last summer from Olympique Lyon and quickly established himself as a first-choice for Guardiola.
The Catalan said of Cherki over the weekend: "His stats and impact are enormous.
"I'm thrilled with what he's giving us and seeing how he's always trying. We try to tell him to add certain elements to his game for the good of the team, and he always listens, always wants to do it.
"I'm really surprised at how open and committed he is to wanting to improve."
Asked about comparisons with City legend Kevin de Bruyne, now of Napoli, Guardiola added: "When Kevin played with us (2015-2025, ed.), I wanted him close to the penalty area. I don't want Rayan as a right-back.
"It's not easy because the space is limited, but he has the ability to find those small gaps and showcase his talent."