City, owned by billionaire Sheikh Mansour, spent more than 300 million pounds ($405.42 million) on players last season.
The ESPN FC guys break down how Manchester City's 100-point season compares with Arsenal's 2003-04 unbeaten side.
He told CityTV: "I'm delighted to sign my new contract".
City also won the Premier League in 2011-12 and 2013-14, and Shearer believes that to "be a great team" City must win again next season.
"We had the Invincibles that never got beat, which was an unbelievable season for them", Sam Allardyce said on Sky Sports News. "But to be a great team you've to go on and win successive titles. People say you won because you invest a lot, they are right".
In Guardiola, they have a manager who has won consecutive league titles at former clubs Barcelona and Bayern Munich.
His first season as City manager ended with the team 15 points adrift of champions Chelsea.
Southampton defender Wesley Hoedt came closest to opening the scoring before the break when he hit the crossbar in the eighth minute, while Dusan Tadic nearly settled the match in the hosts' favour before Brazil striker Jesus signed off ahead of the World Cup with a thrilling last-gasp salvo.