Indeed, Zenit St Petersburg are favourites to land the Chilean over the summer, with Valencia second in the running and Juventus third.
But two Premier League clubs are also listed, with Everton 10/1 to hire Pellegrini and Arsenal further back at 20/1.
Pellegrini, of course, could end up a manager heavily in demand this summer if he wins just two or three more Champions League games.
The Manchester City boss is already a trophy winner this term and now looks set to guide City to a top-four finish.
The fact the club have also reached the last four in Europe is a huge achievement but Pellegrini could take the team a step further. Real Madrid aren't infallible this season and Manchester City are on form.
Would that perhaps convince Arsenal that Arsene Wenger should finally leave the Emirates? Or will Everton's new owner swoop in to replace Roberto Martinez?