You have a good point there as well. Considering his current contract still has three more years to expire there isn't any need to be in a hurry to sign another shortly.
Besides he should think about the possibility of Guardiola's departure in the future as well. We all know Guardiola built this squad according to his system completely. In case of his decision to leave just like Klopp has done next manager choice will be really important for Manchester City. If they can't bring a manager who will continue with a similar system then things can get really interesting. However I assume they would think of bringing Arteta in that case who was already Guardiola's assistant before.

Mikel Arteta is on the rise and will follow in the footsteps of other brilliant coaches in English football. It's time to start ranking Mikel Arteta because he has worked rigorously for the team. Manchester City will suffer if Pep Guardiola decides to leave Etihad Stadium. There's undoubtedly a lot to say about the brilliant man who built the club into a formidable force and the best European club in history. All of these awards and compliments are legitimate because Pep Guardiola earned them. Liverpool and Manchester City will not be as fearsome in the coming 3-4 seasons due to changes in the team's style, which have already begun to occur.
On the other hand, EPL is a challenging league because it brings more shocking results, we have other managers that will be fighting to succeed in the space but it does require maximum effort and key basis to adapt to. As you well know, everything is about time and patience, for illustration, the Manchester City board was willing to understand Pep Guardiola and gave him time to build the club to become a formidable one. Pep Guardiola have no time to relent because he knows exactly the job he was hired for and deliver.