City will look to narrow the gap to top-of-the-table Liverpool to six points with a win.
"I said many times with my players, staff, they're free to do what they want to do", Guardiola said.
He signed a contract extension at City after two seasons in charge in May 2018 which aimed to keep him in situ until 2021, which is understood to be worth just over £15million a year.
Having won the Premier League for the past two seasons, plus the FA Cup and two League Cups, Guardiola said of staying on: "I'm open [to it], yes". I want to see the club, I want to see the players, I want to see how still we are working together. When you are five years it depends on the results.
"We now have to try and win games, win games and see what happens".
The Magpies were in danger of the drop last season but climbed out of the relegation zone in the second half of the season to finish 13th under Rafa Benitez, who left the club at the close season.
Guardiola, however, would want to be sure in his own mind his project had not run its course.
"I saw they were sitting deep and I asked [Christian] Atsu to cut the ball back to me, it was always drifting away from the keeper", Shelvey said of his strike.
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"What I want is we stay this season together and next season together but I don't know what's the best for him", he added. But it is not simple like I want to extend. If I feel that is not worse, we will see with the club what is the best way.
"That is the most important thing after five years together".
"When we had possession we did well and we defended for our lives today, you could see the defenders putting their bodies on the line".
City fly to Newcastle for Saturday's early Premier League kick-off looking to avoid another slip up in the north east following last January's surprise defeat there.
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Video from Sky Sports.