Guardiola managed Pedro at Barcelona and also faced former Atletico Madrid striker Costa during his time at Camp Nou.
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The Catalan knows both forwards will present a significant barrier to City maintaining their unbeaten home record in the Premier League this season.
He said of Costa: “He’s a top player. He made an amazing season at Atletico and then came here. He’s a top player. He is a top scorer and has good movement when he runs in behind.”
Of Pedro, he added: “I hope Pedro doesn’t perform well.
“I have to thank him, he made me a better manager. He works great between the lines, near the box he’s a killer. He is one of the quickest players when it’s time to shoot.”
Guardiola also had words of praise for Chelsea boss Antonio Conte, who has overcome a slow start to lead the west London club to the top of the table on the back of a seven-match winning run.
“Conte is without doubt one of the best coaches in the world right now,” he said.
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“It’s the first time we are going to face each other. It’s good to play against him. He did an exceptional job in Turin [with Juventus]. He is a contender to win the Premier League from the beginning and now maybe more than before.
“I have spoken to him once or twice - but what I saw on the bench was him as a player. He was a good player.”
