Rafa Bentiez has always maintained that Mascherano is not for sale and would not sanction any deal, though uncertainty surrounding the club's financial wellbeing means the Spaniard may not be in as strong a bargaining position as he might have hoped.
Pellegrino admitted, however, that outside factors might weigh heavily on any decision over the player.
Football fixtures 2009/2010'Every time negotiations are under way money always makes the decision,' he said.
'[Mascherano is] such an important player for us [but] in football, nothing is impossible.'
Meanwhile, Liverpool have appointed Christian Purslow, a financier with strong links to Merseyside, as their new managing director.
Purslow, an Anfield season-ticket holder, will join the board and take over many of the responsibilities of outgoing chief executive Rick Parry, but will step aside when a full-time replacement for Parry is appointed.
Purslow's priorities will be to renegotiate the £350m loan with RBS due to be repaid at the end of July and to work with manager Rafa Benitez on summer transfer targets.
Purslow, whose background is in private equity, speaks fluent Spanish and has already struck a relationship with Benitez. He is understood to have played a role in the negotiations surrounding Fernando Torres's new contract.