The Chilean was confirmed as City's new manager on Friday, signing a three-year deal to succeed Roberto Mancini, who was sacked only a year after guiding the club to their first league title since 1968.
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“Everyone knows that if you arrive at a club like Manchester City you need to win titles,” he told the club's official website.
“This club has invested a lot of money to improve the squad.
“It was not successful this time but I am sure in the next years we will win — maybe the Premier League, the Champions League. But we’ll try to win the lot.”
Pellegrini also revealed that while he found himself in demand after overseeing Malaga's surprise run to the Champions League last eight, he never had any doubts about joining City.
“I had a lot of offers,” he admitted.
“But the most important thing was, after I spoke with chairman Khaldoon al Mubarak, sporting director Txiki Begiristain and Ferran, I was sure we could make a great management team — and reach the targets City want.
“The second thing is we have wonderful players who can reach for titles in the next three or four seasons here in Manchester.”