The Manchester City striker has thanked the Chilean for his backing earlier in his career and feels there is more to come from him as the club aim for win four trophies this season
The 28 year-old knows Pellegrini well from previous spells at Real Madrid, in which the Chilean recommended him to Sevilla in search of increased first-team opportunities.
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"He's one of the reasons I'm here at City. It was never tough for me meeting up again," Negredo told The Times. "He doesn't hide from talking to you face to face and that's what a dressing room wants from a manager.
"Madrid had exercised the option to buy me back from Almeria [in 2009], but it coincided with all these players arriving. Suddenly I had Cristiano Ronaldo, Karim Benzema, Gonzalo Higuain, Raul, Ruud van Nistelrooy and Klaas-Jan Huntelaar in front of me.
"But I was thankful to Manuel right from the word go because he didn't keep anything from me. He didn't make me go through the entire pre-season in the hope that I might be featuring that season.
"He told me straight and just said, 'Look, you're not going to be in my plans.' He doesn't hide from talking to you face-to-face, and that's what a dressing room wants from a manager. They want to know clear ideas and be spoken to plainly."
Pellegrini recently revealed his aim of winning all four available trophies to City this season - the Premier League, Champions League, FA Cup and Capital One Cup - and Negredo is just as confident.
"The quadruple is possible simply because we're still involved in all four competitions," he added.
"To be totally honest, it would be tough to imagine both myself and the team would be scoring quite as many goals as we have [110 so far].
"But I think there is more to come. As an individual and a team, we're not going to settle for what we've achieved so far."