How I see it is that Pep would like a break after the death of his mother plus problems from Covid. Alternatively, he will not find a better place to work than at City and has youngsters ready to emerge as new stars in the next couple of years. The latter rebuilding will be an attractive challenge.
I can see Pep staying another few years or walking away. The elite Euoropean club plans will have ruled out any move to Italy or France. I can see his only next option is managing the Spanish National side.