The Premier League runners-up are short on options up front following Mario Balotelli’s departure to AC Milan and Carlos Tevez’s recent move to Juventus.
Pellegrini has already added midfielders Fernandinho and Jesus Navas to his squad but is hoping for further additions, and Goal understands City are closing in on a double swoop for Stevan Jovetic and Alvaro Negredo.
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"I think it’s very important to have a very regular squad," he told City TV.
“I said the other day, [we need] two players by each position. We need two or three players more but we are not in a hurry.
"We need strikers, attackers. Comparing this squad with this year, here is not [sic] [Mario] Balotelli and [Carlos] Tevez.
"They are very important strikers and we need to replace them so we are trying to bring at least one."
However, Pellegrini also insists the club will not be rushed into making a signing, insisting they have plenty of time and will use it wisely to ensure they sign the right player.
He continued: "We are still working. We have the whole month of July and also before the Premier League starts.
"We are trying to get the players to arrive here as early as we can but try to not make a mistake. We have the whole month and we will try and find the best player we need."