In recent weeks, Vincent Kompany, David Silva and Sergio Aguero have all signed new terms at the club as City look to instil long-term instability at the Etihad Stadium.
City begin their Premier League title defence at Newcastle United on Sunday, and in a press conference on Friday, Pellegrini hinted that other players may soon be tied to new deals.
"I think it is very important for the club to retain the best players," he said.
"I think it is also important for the club that they want to stay here because they are working very well and this is a club that has a lot of ambition for the future.
"They understand that, and maybe you will know in the next few days about other players who extend their contracts."
In his first campaign in charge, Pellegrini led City to their second title in three seasons, following success under Roberto Mancini in 2011-12.
City held their nerve in the final weeks of 2013-14, winning their final five matches to overtake Liverpool at the summit and clinch glory with a 2-0 win over West Ham on the final day.
Pellegrini has been busy in the transfer market, with Bacary Sagna, Frank Lampard, Fernando, Willy Caballero, Eliaquim Mangala and Bruno Zuculini all arriving to boost the club's ranks.
Unable to defend their last title under Mancini, Pellegrini believes City are in a better position this time around.
"I think we have a stronger squad than last year," he said in a press conference on Friday.
"We had a very successful year last year but that is history.
"This Premier League will be exactly the same as the last one. Five or six teams have very strong squads."
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