Last season's runners-up have added Alvaro Negredo and Stevan Jovetic to the ranks this summer to replace Carlos Tevez and Mario Balotelli and complement Sergio Aguero and Edin Dzeko.
City are currently in Hong Kong as part of their pre-season preparations, where a strike from Dzeko was enough to secure a 1-0 win over South China in the Barclays Asia Trophy on Wednesday.
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"We have four very good strikers and that's very necessary if we want to play in the Premier League and Champions League as a competitive team."
Pellegrini's men begin their new campaign at home to Newcastle on August 19 and the Chilean has urged his men to begin the season strongly.
"We must be ready from the start of the first match against Newcastle and the team must play as we want," he warned. "We must work very hard but I'm sure that we arrive at the first match the way I want."
The new manager also brushed off recent comments from Jose Mourinho, who has suggested that City are under more pressure to win the title than Chelsea.
"I don't have an opinion about what Mourinho says," Pellegrini remarked.
"I think that a big club like Manchester City always has a lot of pressure. It's very important to play under pressure. The players play better under pressure so we're not scared by that."