The club are still hoping to bring in fresh faces before the transfer window closes and insists his side are not thinking about winning trophies this early in the season
The Premier League leaders, who leapfrogged Arsenal to the top of the table following Wednesday's 5-1 win over Tottenham, are keen to bolster their squad as they continue to fight for four trophies in the 2013-14 campaign.
Goal exclusively revealed on Wednesday that Pellegrini had launched a £38 million bid for Porto defender Eliaquim Mangala, while the Manchester club are also pushing to agree a late deal for midfielder Fernando.
The Chilean coach has, however, insisted that there is no transfer close to completion but left the door open to new arrivals before the window shuts at 11pm (GMT) on Friday.
"For the moment, there is no transfer news," he told reporters. "There may be business but I have no news at the moment."
Speaking about his side's chances of winning trophies this season, with City still battling on four fronts, Pellegrini remained cautious and insisted that he still considers Chelsea title contenders despite their recent draw with West Ham.
"We are not thinking about titles. We are thinking about improving and winning every game," he added.
"Arsenal and Chelsea are both having a good season. Just because Chelsea have dropped points doesn’t mean they are weaker."