Alves is the considerably cheaper option, with the 34-year-old having just one year left on his Juventus contract.
Guardiola knows Alves well having brought the Brazil worldwide to Barcelona from Sevilla for £23m in 2008.
Juventus have told Dani Alves that he will have to resign his contract if he wants to hold talks with Premier League sides Chelsea or Manchester City. It now remains to be seen if City are able to strike a deal for Alves, with the Brazil worldwide looking set for a move away from Juventus this summer.
Some City fans are against the signing because they believe the Brazilian went out of his way to disrespect the club, to play up to the lazy belief that United are the be all and end all of Manchester football.
The Catalan manager and Alves enjoyed success - when the two were at Barcelona - by winning the three La Liga titles and the Champions League on two occasions.
The right-back is on City's shortlist as they look to overhaul their full back positions.
The pair seem to share a great deal of mutual respect; Alves labelling the cerebral Spanish coach a "genius" in an article written for The Players' Tribune recently.