Manchester City are ready to forget their search for a left back to prioritise strengthening in other areas of their squad, sources have told ESPN FC.
There remains some uncertainty over Mendy's long-term future after two seasons affected by serious injuries and off-field issues.
Guardiola said in January that the club "was thinking about" signing a left back in the summer because of Mendy's injury problems.
The France international missed much of his first season with a cruciate knee ligament injury and this campaign has been disrupted by problems in his other knee.
But City are ready to ditch their plans for a new left back with Mendy, 24, determined to get his career back on track after his £52 million switch from Monaco in 2017.
Zinchenko, meanwhile, is expected to sign a new contract after making 26 appearances this season, including eight of City's last nine Premier League games.
It marks an impressive turnaround for the 22-year-old who looked to be heading out of the Etihad in the summer with Wolves ready to pay £16m for him.