The Chilean boss has denied that he has a quota to meet but reiterated that he will look to win as much silverware as possible in the upcoming campaign
City chief executive Ferran Soriano revealed in May 2013 that he wanted the club to win an average of one major trophy - meaning the Champions League, the Premier League or the FA Cup - per season up to 2018.
Pellegrini - appointed as successor to Roberto Mancini in the same month - made a strong start towards achieving that goal by securing the Premier League title and the Capital One Cup in his maiden season at the Etihad Stadium.
City are likely to face a stern challenge if they are to enjoy further success in the upcoming campaign, with Arsenal, Chelsea and Manchester United all having strengthened their squads in the recent weeks.
However, speaking ahead of Sunday's Community Shield clash with Arsene Wenger's FA Cup winners, Pellegrini stressed that he is not concerned with any sort of trophy target.
When asked about Soriano's comments Pellegrini said: "I don't have a target to win five titles.
"Every time I play a competition, I want to win it. But that thing that we have to win five titles in five years - for me it is not important.
"We will play in the four competitions we must play in and we will try to continue in all competitions as far as we can. Exactly the same as last year.
"We continue trying to win the Premier League, the FA Cup, the Capital One Cup and the Champions League, and we will see during the season what we can do."