It was reported by BeIn Sports in Qatar over the weekend that Guardiola had already signed a contract to manage City from next season once his contract at Bayern Munich has expired.
Such an agreement would seem unlikely, but Pellegrini has acknowledged the need for an improved season after City finished 2014-15 empty-handed.
Asked what would represent success, Pellegrini said: “First of all to win titles. It is important to win a title – we will try to win all four.
“The Champions and Premier League are more important, and after that to be comfortable about the way we play the whole year and be competitive in all competitions.
“I hope we are going to continue further in the Champions League. In the last two seasons we have been unlucky, we have faced Bayern Munich in the group stage and after that Barcelona in the round of 16.”