City must limit their spending to a net £49m as punishment for breaching UEFA's Financial Fair Play regulations - but the City boss remains keen to strengthen the squad over the summer.
A successful season for Pellegrini's side means they will be defending the Premier League and Capital One Cup next season, while looking to maintain a strong challenge for Champions League and FA Cup glory.
City will not be able to spend anything like the £90m they paid out on players last year but Pellegrini insists the financial restraints will not have any "material impact" on their transfer plans.
Asked if changes were likely to the squad, he said: "Maybe. We are going to see which is the best way to improve.
"I think one of the most important things for me is to have an ambitious mind.
"It is very important to win the title but these two titles (Premier League and Capital One Cup) will not be useful the next year.
"We must analyse all the good things we did, all the bad things, where we must improve, which is the best way to do it. We have a lot of work to do."
Yaya Toure's future at the Etihad may be in some doubt, with the Ivory Coast international understood to be upset after club officials neglected to wish him a happy birthday.
But Pellegrini is focused on securing further success for the club and has vowed to mount a serious challenge for all four competitions the club will compete in.
Asked about his targets for next year, Pellegrini added: "Exactly the same as this season.
"We are the team that played longer in all the competitions. For me the four competitions are important.
"We must play in the Champions League, and in the Premier League and in the cups with our squad, with rotation, because you cannot play with players every game and you cannot prioritise one competition."