Former Chelsea and Leicester boss Maresca was named as Guardiola's successor after the Catalan stepped down at the end of last season, having won 20 trophies during a superbly successful 10-year spell at the Etihad Stadium.
"First of all, I have to say that it's a privilege," said the Italian in his first press conference as City boss.
"I've said many times that I consider Pep probably the best coach in the world in the last 20, 25 years. But again, it's a challenge. It's nice. It's a privilege."
Many clubs have struggled following the exit of serial trophy-winning managers, with City's local rivals Manchester United falling from the summit of the English game following the retirement of Sir Alex Ferguson in 2013.
Maresca believes City are well set up to continue as one of the leading powers in the Premier League.
"I think the organisation is the main thing," he said. "They (City) had three managers in 17 years. This is not normal, it doesn't happen often.
"So this is probably one of the things that I'm confident that we can do a great job."