The Premier League club has already signed three players this summer but the Chilean is not yet satisfied with his team, with Alvaro Negredo ruled out for up to three months.
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City has already acquired Willy Caballero, Fernando and Bacary Sagna from Malaga, Porto and Arsenal respectively but are interested in a big-money move for Fernando's former club mate Eliaquim Mangala, as City seeks to strengthen their defense.
Pellegrini concedes he is not yet satisfied with his squad, though he does not intend to rush into any deals.
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"I don't think the squad is complete yet but we have six weeks before the transfer window closes," the Chilean told reporters at a press conference ahead of a preseason clash with Sporting Kansas City. "Perhaps there is the option to bring one or more players in, or maybe one or two will leave our squad but there is time for us to consider what is best for our team."
Pellegrini will be without Alvaro Negredo for the beginning of the season, however, with the Spain international having undergone surgery on the metatarsal injury he suffered against Hearts last week.
"Alvaro had surgery today on his broken foot and he will probably be out for two or three months," Pellegrini added.
"It is a blow for us because Alvaro is a very important member of our squad so obviously we will miss him."