Pellegrini was handed a three-game ban, with one suspended for two years, after his criticism of Swedish referee Jonas Eriksson following City's 2-0 defeat to Barcelona in the Champions League second round first leg at the Etihad Stadium last month.
As a result he will watch the second leg from the stands in the Nou Camp on Wednesday but expressed his belief at his press conference on Friday that the punishment was harsh, especially after he issued an apology.
Pellegrini said: "I repeat, I don't think I deserve three games or two games.
"I said two days after in my press conference that I was wrong in the way I did it but I continue saying that it was not a penalty and that it decided the game, in a bad day, but I don't want to continue if they decide that is the punishment for me.
"I will see what I am going to do in future."