City will be without eight high-profile players for Sunday's Wembley date but Pellegrini is keen to add more silverware to the trophy cabinet at the Etihad Stadium against last year's FA Cup winners.
And Arsene Wenger's comments about Pellegrini's recent transfer activity will only act to add spice to the contest.
"Of course it is not a friendly match. It is an important game against an important team in Arsenal," Pellegrini said.
"Maybe both teams, Arsenal and our team, do not arrive in our best moment because both have a lot of players who have just arrived from the World Cup but I think it will be a very good game and important for both teams to win it.
"For this year, our target is exactly the same as last year. We will try to play the four competitions we must play, we try to continue in all competitions as far as we can. Exactly the same as last year.
"We continue trying to win the Premier League the FA Cup, the Capital One, the Champions League and we will see during the season what we can do. To win the Community Shield would be a good start."
Pellegrini also said there was no further progress on City's attempts to sign France centre-back Eliaquim Mangala from Porto in a proposed £32m transfer.
He added: "I always say the same answer, when things are finished we can talk about that. It doesn't matter how close it is. For the moment he is not our player."