The Chilean has denied that a deal is already in place for him to take the City job but speculation is rife that he will be the man arriving at the Etihad Stadium.
"Today, I deny I am going to be the new manager of Manchester City," Pellegrini told a press conference on Sunday night.
"I have not signed an agreement with anyone, not with Manchester City, not with Roma, not with Napoli, not with PSG, not with any of the clubs who have been mentioned.
"In the next few days I hope to clarify a bit what the future will be here in the club."
Jose Mourinho is next in the betting at 5/1 and the Real Madrid chief was getting a lot of attention in the market before Mancini's departure was officially confirmed.
Current Chelsea interim manager Rafa Benitez is 12/1, while Carlo Ancelotti is available at 16/1 to make a return to the Premier League.
Source: Manchester City MAD