Thegoalmac understands the Chilean is facing mounting pressure from the City hierarchy as they face an uphill battle to retain the Premier League title and look set for an early Champions League exit.
The club are five points behind Chelsea in the league, having played a game more than the Blues, and were beaten 2-1 by Barcelona in the first leg of their last-16 tie at the Etihad.
Pep Guardiola is a long-term target but recently issued a firm denial of contact with the Premier League champions, and Pellegrini is not expected to face the sack unless their form drastically goes downhill.
Pellegrini, himself, underlined his happiness at the Etihad Stadium, adding that he would be willing to extend his current contract, which expires in the summer of 2016.
"My future is very easy," the 61-year-old told reporters. "I have a contract here until June 2016 and I will finish my contract here. And if I can extend my contract I will.
"When I sign a contract I always try to finish it. If I'm not happy, maybe you try to finish before, but I'm very happy."
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