The Chilean has been appointed to succeed Roberto Mancini at the Etihad Stadium finally on Friday.
“Everyone knows that when you arrive at a club like Manchester City you must win titles,” said Pellegrini.
“Manchester City have invested a lot of money to improve the squad every year and to try and win titles every year. They were not successful in some titles [last season] but I’m sure next year we can win maybe the Premier League and Champions League. We will try to win it all.”
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.