Walker underwent groin surgery in early October, while Phillips has been sidelined due to a shoulder problem. The pair are racing against time to be fit before England begin their World Cup campaign against Iran in Group B on November 21st.
England, who will also face Wales and the United States in their group, reached the semi-finals at the 2018 World Cup in Russia.
"It's likely (they can be ready), the way they recover," Guardiola told reporters.
"I don't know intentions for Gareth. He spoke with the players and doctors regularly. They know better than me. What I hear in the dressing rooms is that they can be ready."
Asked if Walker and Phillips are desperate to return, Guardiola replied: "I would say yes. You don't play a World Cup every week."
Phillips has been doing partial training sessions with the team but has yet to resume contact training, Guardiola said.
"We'll see his evolution. I know how important is the World Cup but I don't use a player I don't think is ready," the Spanish manager said when asked if Phillips could play for City before the World Cup.
"Kyle, I'm impressed how quick his recovery (is) but still a bit late compared to Kalvin," he added.
Premier League champions City are due to host Sevilla in their final Champions League game on Wednesday, having already qualified for the last 16 as winners of Group G.
Guardiola said he will likely rotate the squad for the game, but the team will be without injured striker Erling Haaland (22), who also missed their 1-0 league win at Leicester City last weekend.
"He feels better... Still not 100%, so we don't want to take a risk. Hopefully we have him against Fulham (on Saturday)," Guardiola said.
