The champions host the struggling Foxes on Saturday, and can move within three points of leaders Arsenal with victory.
Yet with the Gunners tackling another troubled team in West Ham on Sunday, Guardiola feels any slip-up could be ruinous for their chances
The City manager said: “Everybody knows that if we lose games we lose competitions. That’s why our attention to details is higher.
“It’s the same [on Saturday] – if we lose the game, we will not be champions. If we win we could still be there.
“But we cannot forget, we are six points behind Arsenal, a team who have dropped few points during the season and have one game a week, with a lot of time for recovery,to analyse and prepare for games.
“It’s so difficult if you drop points. That’s why you have to be there as much as possible.”
While Arsenal have just their eight remaining Premier League games to play this season, City are still involved in the Champions League and FA Cup.
Guardiola’s side have coped well with heavy schedules in the past and he hopes they can use it to their advantage again.
He said: “Sometimes our experience, when we are [playing] games every three days, every four days, we are in rhythm and focus and that helps us. In the past it was like that, playing competitions until the end.
“Sometimes when you have a week [between games] you lose this type of feeling.”
City’s game in hand on Arsenal is against European-chasing Brighton away, with the date of the fixture yet to be scheduled.
However, Guardiola is just as wary of their game at the Amex as the one against title rivals Arsenal at home later this month.
“The reality is we are six points behind,” the Spaniard said. “There is no guarantee that we will win the game in hand against the best team [Brighton] in the world to make the build-up.
“There is no team better in the process to bring the ball from the keeper to the last quarter. There is no team better in modern football right now.
“Then we have Arsenal at home. There is no guarantee. To be close, we need to win our games.
“When the games are tied, we will see the reality. Tomorrow we have to sleep with three points behind.”