The Chilean believes that Manchester City are well placed to defend the Premier League title.
Pellegrini has moved to strengthen his defence this summer after his side's title-winning 2013-14 campaign.
The Chilean believes that City will be much stronger at the back this season, and hopes to retain the attacking prowess that saw the Citizens bag 102 goals last season.
"I am happy with the squad because I think we are a stronger squad now than we were last year," Pellegrini said in an interview with Sky Sports News HQ.
"Bacary Sagna, Fernando, Caballero, Frank Lampard and Eliaquim Mangala are five players that give us something very important in defence and I hope attacking-wise we will be the same as last year because we have four important strikers and good midfielders.
"Lampard is a very important player for us. He has a lot of experience, he is a very important English player. He had nothing to do until January with New York City – I proposed to him that he come here because I think he is a great player."
Lampard did not feature in the Community Shield against Arsenal, which City lost 3-0. Pellegrini's side looked lethargic in that game as the manager rested a number of key names, including Sagna, Joe Hart, Pablo Zabaleta and Sergio Aguero, who are not yet ready for the start of the season.
Pellegrini will hope that his squad is back to full strength when City face Newcastle in the season opener at St James's Park on Sunday.