After winning the Premier League title in his first season at the Etihad Stadium, the Chilean wants to "have an ambitious mind" as they look to improve over the summer
The Chilean guided City to the double this season - adding the top-flight crown to its Capital One Cup win after a tight title race - with several of his summer signings playing major roles.
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The former Malaga boss wants to "have an ambitious mind" as the club considers how to improve before the 2014-15 campaign gets underway.
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 analyze 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 was eliminated by Wigan in the sixth round of the FA Cup while it was 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 it 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]."