City are currently sat second in the Premier League  table and Pellegrini is expecting top-scorer Sergio Aguero to return to competitive action by the end of January.
"For the moment, there is no news. Of course if we bring a new player here to City it is because he is a very good player,” Pellegrini told reporters ahead of his side’s Capital One Cup semi-final first leg against West Ham on Wednesday.
"In this squad we have a high level, so if we want to improve we must try to buy an important player.
"It is not our first concern and we are not in a hurry to make a decision. We are just seeing two or three things but nothing important."
However, Pellegrini believes the squad will be given a boost by the return of Aguero, who has been sidelined with a calf injury for six matches.
"It is very good news. All players recovering from injuries is good news, especially a player as important as Kun Aguero."
Stevan Jovetic, who has struggled with a hamstring injury and failed to make his mark in Aguero’s absence, remains out of action and will not play a part against West Ham on Wednesday.
"For the player it is always very bad news when he cannot play, but I think he [Jovetic] is a very important player,” Pellegrini added.
"He was the best choice to replace Kun Aguero when Kun got injured, but things happen and we must try to be optimistic for the future and suppose Stevan will play in the second part of the season."
The City coach also revealed that Micah Richards is nearing his return after overcoming a hamstring injury, but has insisted he needs “to work a little more” before he is fit enough to play.