The Manchester City boss refused to comment on rumours that the club are readying a bid for the Monaco striker in the wake of Saturday's home defeat to Stoke City
A superb goal from Mame Diouf settled the match, with City's attacking players subdued by a disciplined defensive display by the visitors, who held on for a worthy win.
Speculation has risen that City may look to boost their attacking options with a move for Falcao, who was left out of the Monaco squad for Saturday's Ligue 1 clash with Lille.
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"I have to explain about so many different players. We have 48 hours left [of the transfer window] and we will see, but we have a restriction about the money we can spend and the players we can use, so it is not easy."
Pellegrini refused to be too critical of his side in the wake of the defeat - only the second time City have failed to score at home in 71 Premier League matches.
He added: "It is always serious to lose three points at home. We wanted to win nine points before the international break, but these games happen once a year. We will work the same way that we are doing now.
"I think that we were trying to create the space, Stoke defended very well, we didn everything we could do. We had a bad day."
Pellegrini also addressed the injury suffered by midfielder Fernando, who hobbled off in the first half with a groin injury.
He said of the midfielder: "Fernando has a problem with his muscle, in his groin. We will see what the doctor says [on Sunday]."