Guardiola's contract is due to expire at the end of the 2015-16 campaign and he has so far been reluctant to enter talks over a new deal, fuelling speculation that this could be his final season at the Allianz Arena.
City were believed to be sitting in pole position in the race for Guardiola's signature, yet they somewhat surprisingly announced earlier this week that current coach Pellegrini has signed an extension until 2017.
Sammer is thus amused that those claiming that the Catalan coach is bound for Eastlands next summer have seemingly been proven wrong.
"I get the impression that people are trying to outdo each other with the speculation about Pep's future," the former Germany international told Sky.
"There have been so many rumours over the past few weeks.
"But I guess Pellegrini's renewal with City is bad news for those who said Pep would move there in 2016...
"I can only say that we are not taking all the rumours and speculation too seriously. But that does not mean we are underestimating the situation."
