Silva has missed City's last five games in all competitions due to a calf injury but could be ready to make his return to first-team action in Tuesday's Champions League away clash with Bayern Munich.
And giving an update on the Spain international on Friday at a press conference to preview Saturday's Barclays Premier League trip to Southampton, Pellegrini said: "Maybe on Monday, he will be ready.
"We'll see the way he works tomorrow and on Sunday, and I will then decide next week (about whether he might be involved against Bayern)."
Pellegrini's side have already qualified for the Champions League knockout stage ahead of the Bayern contest, their final Group D game.
The Saturday after that match, City have a Premier League home fixture against current table-toppers Arsenal, who they trail at the moment by six points.