The Ivory Coast international has been a driving force behind City's title challenge this season and is also the club’s leading Premier League scorer with 17 goals.
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However, Pellegrini thinks Toure deserves the award and is hoping he can maintain his fine form until the end of the season.
“I think Yaya has had a very good season so far and we hope he can continue,” he told reporters.
“Hopefully we win the title and then he can be the best player.”
While Pellegrini refused to compare the two players, he did insist that Toure is now of the best in the world.
“I don’t want to compare him with anyone – both Yaya and Suárez have had amazing seasons so far.
"They must try to finish the season in the same way and after that, it [Footballer of Year award] will be the same as the fight for the title.
“But Yaya is one of the best midfielders in the world and it doesn’t matter if he’s European, African or South American.
“He has a chance to be there with the best players in the world.”
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