The English champions are almost certain of losing their league title to Liverpool, with the European champions sitting comfortably with a 22-point lead at the top of the table.
Guardiola’s men are however still alive in three cup competitions with vital games still to come in the UEFA Champions League, FA Cup and Carabao Cup.
Man City have been drawn against 13-time European champions Real Madrid in the round of 16 stage of the Champions League; a competition they are yet to win in their history.
The Citizens also have a Carabao Cup decider against Aston Villa next month and they are away to championship side Sheffield Wednesday in the fifth round of the FA Cup on March 4.
Man City won every domestic honour last season but Silva believes a clean sweep of the domestic cup competitions plus the Champions League would topple that achievement.
"People are used to Man City winning everything. If we look at the last two and a half seasons, there's not a team in Europe that has won as many trophies as us," Silva told Sky Sports.
"It's not that, because we're not winning one title, the team goes from being one of the best to an average team. If we win the cups and the Champions League, it's the best season this club have ever seen.
"So there is still a lot to fight for, knowing that we still have a difficult task ahead of us."
