Pellegrini has previously insisted the midfielder would be staying at the Etihad Stadium despite recurring, outspoken comments from the player's controversial agent Dimitri Seluk.
Seluk recently said his client, who has two years remaining on his contract, was "90 per cent certain" to leave City this summer.
Toure has also been linked regularly with other clubs, including Inter Milan and Paris Saint-Germain, and Pellegrini now concedes the player's future will be discussed this summer.
Asked about Toure, Pellegrini said: "Same as James Milner - we have to analyse the whole squad at the end of the season and then we will see which is the best for the club and the player."
The future of fellow midfielder Milner is another pressing issue for City.
The England international is out of contract at the end of the campaign and has so far held off signing a new deal.
It is not thought the 29-year-old has any issue with the terms being presented - and City even tabled an improved offer this week - but it is a matter of playing time
With Milner's decision possibly representing the last major move or contract of his career, he wants to be sure of regular first-team action.
Pellegrini said: "James must decide what he wants to do for his future
That just belongs to him
He asked the club to allow him to take the decision at the end of the season
He will do it in the right moment."
Pellegrini claims no plans have yet been made for summer recruitment or over a possible replacement for Milner.
He said: "There are a lot of things we must think about for the future
We will try to do it as well as we can."
The Chilean, speaking to media to preview Sunday's final game of the season against Southampton, would not be drawn into commenting on the Raheem Sterling saga at Liverpool.
Sterling is unsettled at Anfield and City have been linked but, as in previous weeks, Pellegrini was non-committal.
He said: "Same answer that I gave you last week - I don't talk about rumours.
"There are a lot of very important players that maybe all the teams are wanting
I don't know what happens with Sterling or all the other players.
"We finish the season on Sunday
After that we will see what we need and which players can come here."
One player heading out of City after this weekend is veteran former England midfielder Frank Lampard, who will join up with sister club New York City in Major League Soccer.
The 36-year-old former Chelsea and West Ham star will leave as one of the Premier League greats having made 608 appearances in the competition and scored 176 times in a glittering 19-year career.
Pellegrini has been impressed by Lampard's attitude and professionalism during his one-year spell with City.
He said: "I am very pleased because I think Frank is one of the most important players who have played here in the Premier League.
"His career is brilliant, he is a great professional and we are proud at this team to have had him playing here this season.
"I am sure he will have an important impact for New York City
They have a very good player with a lot of experience and more than that a very good professional, who will involve all the team in the targets that club needs."
Another player to have left is winger Scott Sinclair, whose loan to Aston Villa is set to become a Â£2.5million permanent deal over the summer.
Sinclair, 26, failed to establish himself at City after a Â£6.2million move from Swansea in 2012.
Pellegrini said: "It is difficult for players to arrive to big teams, always
It is not easy when you have competition with players in your position.
"That just depends on the personality of all the players
Maybe the stronger the team, the more difficult (it is).
"I don't know what will happen for him in the future but I suppose one day he will demonstrate why he was a player here in this team."
Source : PA