Pellegrini’s future was the subject of intense speculation last season, with Thegoalmac learning that former Premier League champions were happy to wait to get their No. 1 managerial target, Guardiola, this summer.
And, while the Chilean signed a new one-year deal with City on Friday to extend his contract beyond the current season, he admits his future – and that of Guardiola – still remains unknown.
"You can sign for 10 years and four months after you are sacked!" he told reporters.
"When the two parts are happy you can extend. The owners are happy in the way we are working, I am happy so we know about the future.
"Of course Pep Guardiola is a manager every team will want to manage them. Maybe he’s more linked to this team because of Txiki [Begiristain, City's sporting director].
"So no problem with my relations inside the club.
"I was used, last season, to the speculation. Ancelotti supposedly had a pre-contract signed and Jurgen Klopp had also a contract.
"I know what they think about that. I know what happened with that thing."
Pellegrini insists he is now focusing on his immediate future with the club, starting with reclaiming the Premier League title from reigning champions Chelsea.
He said: "Of course I think I can be long term but it is impossible to know what you do. We know our profession and you don’t know what will happen over 2-3 years or long term.
"I think it is important to be focused this season, not to think this is just a transitional season.
"It is important for the club to trust our work. And I am happy here. You need results. I want to have a good season and result with this team."
