The Chilean coach has fallen under increasing pressure in recent months and his future is still anything but certain.
The Blues were hugely disappointing in their title defence last season, as a poor 2015 saw them concede their Premier League crown to Jose Mourinho’s Chelsea.
They were also poor in both domestic cup competitions as well as in the Champions League, and that has led to speculation about Chilean coach Pellegrini's future, with both Jurgen Klopp and Pep Guardiola linked to the position by the Manchester Evening News.
It now seems he will be staying for next season at least, though, and Nasri insists he is still respected by the players at the club.
"He’s a good manager, an honest manager," he said.
"You always know what he thinks about you. He might be kind in appearance but if he has something to tell you, he will tell you. He is respected by the players."
Pellegrini’s future at the club will almost certainly be determined on the outcome of next season, however.
The boss currently has just one year left on his contract, and with the disappointment of last season still fresh in the memory, the pressure will be on for City to be competing on all fronts next season.
Additionally, those higher up the food chain at the club will want progression in the Champions League. Worse for Pellegrini is the managerial talent currently available and with both Jurgen Klopp and Carlo Ancelotti on the market, the Chilean may still be under pressure at the Etihad regardless of the respect he demands from his squad.