The 61-year-old Chilean will see out the final year of his contract after holding talks with chairman Khaldoon Al Mubarak on Sunday amid speculation that his reign was about to draw to a close.
However, with City rumoured to be ready to make a bid to bring Guardiola to the Etihad Stadium when his contract at Bayern Munich expires next summer, he may have his work cut out to win a fresh deal.
To that end, Pellegrini, who is currently with his players on the club's North American tour, is targeting a second title in three seasons to enhance his credentials.
He told the Manchester Evening News: "I am sure we are going to return stronger next season that we are going to recover the title for the Etihad.
"The same way that our stadium is growing with the new stand, I think the club completely will grow.
"There are a lot of important things in our project that we must try to improve every year.
"I always have communication every week with the owners
I know exactly what they think - they know what I think also.
"Every day, we are talking also with [technical director] Txiki Begiristain and [chief executive] Ferran Soriano - so we will see which is the best way to try to improve our squad and try to recover the title."
City finished a distant second to champions Chelsea this time around with eight points separating the clubs, although they ended the campaign four ahead of third-placed Arsenal and nine better off than derby rivals Manchester United in fourth.
Source : PA