Mark Hughes confirmed his side's interest on Sunday, but the Potters must seal the permanent signing of Stephen Ireland, who is currently on loan from Aston Villa, before the 21-year-old can join until the end of the season.
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"Yes, John [Guidetti] is going on loan," Pellegrini told reporters.
"I don't know if he has already arranged with Stoke, but he is going on loan."
Stoke boss Hughes worked with Guidetti while in charge of City, though the striker is yet to make a first-team appearance for the club this term.
Hughes told reporters: "We are trying to add different options to our attack. [Guidetti] worked with our Under-21 coach Glynn Hodges [at City], so we know him."
Guidetti impressed while on loan at Feyenoord in the 2011-12 season, scoring 22 goals in just 24 appearances, but his progression has been restricted since suffering an infected nerve in his right leg.