Sacking Pep Guardiola would make things worse. Because as difficult as Man City are right now, they are still in a safe position in the EPL, it's just a matter of winning trophies, not an excuse to be bad overall. In the Champions League they can still qualify for the next round, so their current condition is not the end of everything.
Since 2016, Manchester City has been patience enough with Guardiola and they didn't sack him, he did everything to win the Premier League and then proceed to win another one 4 in a row, that will be disrespectful of the board of directors to sack him unless he willingly want to abandoned the club. He was announced to have the new contract of deal to 2027 while losing the matches he has lost recently, I'm not sure such can happen, not at this moment.
The problem of Manchester is within the players and has nothing to do with him, I'm very sure that with what they played yesterday in the Champions League, there is going to be some considerations of sacking some play because I don't get how you score 3 goals in a match and allow the team to equalized again, that's a very poor defense I must say. A lot of shuffle will happen before next transfer market or probably after this season for sure.