The Chilean guided City to the double this season - adding the top-flight crown to their Capital One Cup win after a tight title race - with several of his summer signings playing major roles.
And the former Malaga boss wants to "have an ambitious mind" as they consider how to improve before the 2014-15 campaign gets under way.
Asked by the club's official website whether there were likely to be changes to his squad, Pellegrini replied: "Maybe. Maybe we are going to see what is the best way to improve.
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"It's very important to win titles. We have already won titles but we must analyse all the good things we did, the bad things and where we must improve. [That] is the best way to do it so we have a lot of work [to do]."
City were eliminated by Wigan in the sixth round of the FA Cup while they were beaten in the Champions League last-16 over two legs by Barcelona. European success remains a target for the club and Pellegrini was pleased to lead the club past the group stages for the first time.
"Everyone is talking about Europe - I think we were very unlucky this year in the Champions League because the sending-off [of Martin Demichelis in the first leg] against Barcelona changed that match," he continued.
"I think [they are] tactical games in the round of 16, you must also have tactical work and we were also doing very well.
"We were eliminated but I think we made a big step this year in qualifying for the round of 16 - we beat Bayern Munich in their own stadium, we were on the same points as Bayern. It was an important step and I hope next year we can continue a stage [further]."