Pellegrini believes he has in Joe Hart the best goalkeeper in the country - but he has warned the England star that he has serious competitiion from new signing Willy Caballero.
When the latter arrived at City from Malaga in July, he said: "City already have a great goalkeeper in Joe Hart, but I will try to compete for the number one spot."
Caballero may be in line for his City debut in Sunday's Community Shield against Arsenal at Wembley, and Pellegrini believes Hart will have a battle to keep his starting spot.
Pellegrini said: "I have two number one goalkeepers. I have two number one full-backs, on the right and left, and in other positions."
When asked how Caballero is settling at City, Pellegrini said: “Very well - he is a very good goalkeeper, I know him from Malaga, and I think he is very happy here.
"I am sure Willy will be very important for us but I also continue thinking we have the best goalkeeper in England in Joe Hart.
"Top teams need two players for each position because we have to play so many games during the year."The best way to have the highest performance from the players is for it to be very competitive between them."