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Pep should have done that last summer, that is where he made the mistake, i know he likes to work with a very small squad (in terms of number of players), that is fine, but it is also important to freshen things up in a team, sell a few players and bring in a few, Ferguson used to do it when he was manager of United.
When you freshen things up in this way, you keep the hunger of the team alive, the new players you will bring in would prolly have never won the EPL, so they would motivate the other players who just won 4 in a row. It is hard doing business in January, but if he can get a few signings over the line, then City should be able to secure 2nd or 3rd place at the end of the season.
I think Pep Guardiola who had been tipped as been tipped as one of the best manager in the world thinks he can keep and use this aging players to win the league while ignoring the opportunity to strengthen his squad during last summer transfer window unfortunately things didn't work out well for his team and I don't think signing new players in January transfer window would make any difference because of the new signings adaptation to the league, Man City need some fresh legs but definitely it should be next summer transfer window and Pep Guardiola should prioritize top four spot qualification to attract new signings.