Guardiola will take a good look at the 22-year-old forward, who has been on-loan with River Plate.
He was snapped up for £14m on transfer deadline day in January but was allowed to stay with his current club until the summer.
According to City chief executive Ferran Soriano, several clubs have already asked about taking the player on loan next season.
However, he says the current plan is for him to stay and be part of the first-team squad at the Etihad next season.
Soriano said: “We have had many offers from clubs to loan Julian Alvarez — but he is not going to leave."
Alvarez had a prolific season in his homeland, scoring 26 goals in 39 matches in all competitions.