The Blues have already added two more creative talents to their ranks ahead of the 2013/14 campaign, with focus very much locked on the final third of the field at present.
Pellegrini is delighted to have arrived at the Etihad Stadium with a summer recruitment drive well underway, with the Chilean having helped to identify top targets.
He believes World Cup winner Navas and Brazil international Fernandinho will prove to be shrewd signings, with both capable of producing match-winning displays on their day.
Pellegrini told City's official website: "Jesus is a player I know well from La Liga and he is someone I have admired for a long time.
"He is quick, has excellent technique and I think the City fans will enjoy watching him play. He will provide a variety of attacking options for us and he can also score goals as well as create them for others. He is an excellent signing for the club.
"Jesus is a world and European champion and a regular squad member in a very special Spain team."
On Fernandinho, he added: "I made Fernandinho one of the top priorities. He has impressed me on a number of occasions over the past few years and is another player I've taken a keen interest in.
"He is an experienced international who will further strengthen our midfield and I think he will be well suited to the Premier League."
On the squad he has inherited at City, Pellegrini said: "Both Jesus and Fernandinho add pace and skill to what is already a very talented and successful squad.
"I am looking forward to working with both our new signings and to working with the players who have already won a Premier League title together.
"We have a very strong pool and together we aim to achieve great things."