Manchester City have made their first January signing with the capture of midfielder Anthony Caceres from Central Coast Mariners for an undisclosed fee.
The Australian club announced on Friday morning that a fee had been agreed with City for the 23-year-old.
Pellegrini confirmed Caceres is likely to be loaned out.
“He will come here but probably he will go on loan,” said the 62-year-old.
“He’s not part of the squad at this moment. The club are always thinking about the future.”
Mariners head coach Tony Walmsley signed Caceres in 2011, and he told the club website: “We need to celebrate when players at the Central Coast Mariners are sold to bigger clubs. It’s our charter. It’s our intent.
“When I brought Anthony Caceres to the Mariners his potential was obvious.
“This move demonstrates how far Anthony has progressed and symbolises how giving youth a chance works for both the Central Coast Mariners and young aspirational footballers.”
An obvious destination for Caceres would be City’s A-League sister club Melbourne City.
The league does not allow clubs to buy players from each other, but a loan from Manchester City would be allowed.
Melbourne boss John van’t Schip was coy on any loan move, with the Dutchman quoted in the Australian press saying : “Manchester City is getting him in. More or less, that’s it.
“We can’t comment on (a potential loan move) but of course everybody knows he’s a good player, he’s one of the better players in the A-League. So we’ll just have to see.”