The Chilean is hot favourite to replace Roberto Mancini at the Etihad, having already confirmed he will be leaving Malaga after the final game of the Spanish season next weekend.
But Pellegrini says he is fully focused at the moment on helping Malaga qualify for Europe.
Asked if he would soon be taking charge at City, he told a press conference: "I have answered this many times.
"Once we have played Deportivo, we will see about my future and where I am going. I haven't signed any contract yet.
"Once I have finished here in Malaga and completed the matches, we will see where my future lies.
"But for now I will only discuss my present position with Malaga."
Manchester City midfielder Gareth Barry says Pellegrini would come highly recommended.
"I don't know too much about him," said Barry. "But people who do know him and who have played with him have spoken highly of him, so that's good."