That is according to data compiled by Oddschecker, which shows that Carlo Ancelotti is the runaway favourite to take over at the Etihad, in the event of their current manager's potential departure.
The former Chelsea and AC Milan coach can be backed at as short a price as 4/9 to take over should the Chilean leave the 2014 Premier League champions.
It comes as the pressure continues to mount on Pellegrini following Saturday’s 1-0 defeat to Burnley, which has left the Sky Blues six points off Chelsea in the league.
In the wake of the loss, the South American coach’s odds were drastically slashed to make him the third-favourite to be the next Premier League manager to leave his post behind Sam Allardyce and Nigel Pearson.
Ancelotti is the bookies’ favourite to succeed him too, with the Italian also under the spotlight following Real Madrid’s poor recent run.
Fellow La Liga manager Diego Simeone is second in the betting, with the Argentine available at just 3/1 to take the reins.
Pep Guardiola and Rafa Benitez follow in the odds, while there is a somewhat surprising fifth-placed contender, according to the bookies, in Patrick Vieira.
Currently in charge of Manchester City’s Elite Development Squad, which has impressed in the UEFA Youth League so far this season, the former France international is as short as 5/1 to become permanent manager of the Sky Blues’ first-team.