After weeks of speculation City made no attempt to deny, Pellegrini has finally been officially confirmed as the man to succeed the sacked Roberto Mancini.
The 59-year-old Chilean has been tasked with bringing silverware to the Etihad Stadium and improving the team's brand of football - and he is confident of achieving both.
The former Real Madrid and Villarreal boss, who has left Malaga to take up his new post, told City TV: "I am sure we have the best squad in the Premier League.
"We have wonderful players and can win important titles in the next three or four seasons.
"Everyone knows if you arrive at a club like Manchester City you need to win titles.
"I am sure we are going to win - maybe the Premier League, the Champions League. We will try to win a lot.
"I like attractive and attacking football, so all the people who go to the stadium can see a wonderful... show is not the word but I am sure they will enjoy the way we play.
"We are not going to be a team that scores a goal and goes back waiting for a counter-attack.
"We will always try to play in the opponents' pitch and play attractive football."
Pellegrini's appointment was expected early last week, following his final match in charge at Malaga.
The delay in the announcement was reportedly due a hitch over the terms of his exit from Malaga, but their appointment of Bernd Schuster as his successor early on Friday suggested obstacles had been removed.
Pellegrini has signed a three-year deal at Eastlands and will officially begin work on June 24, ahead of pre-season visits to Hong Kong, Indonesia, South Africa, Germany and Finland.
Renowned for his good man-management, one of his tasks will be to integrate new players following the recent signings of Fernandinho and Jesus Navas from Shakhtar Donetsk and Sevilla respectively.
Despite the spending of almost £45million on that pair, further arrivals are possible with the club heavily linked with Malaga playmaker Isco and Napoli striker Edinson Cavani.
Pellegrini also has a tough act to follow in Mancini, who despite failure to win silverware last season remained a fans' favourite.
The Italian ended a 35-year trophy drought by overseeing FA Cup success in 2011 and he topped that by following up with dramatic Premier League success last year.
His record in the Champions League did let him down, however, with two group-stage exits.
Pellegrini said: "I think Roberto did a great job here in Manchester. It is not easy to win the title after 44 years.
"But I think we start now a new cycle, a new style of club, adding to what Roberto has done over the years."