Toure has been in particularly eye-catching form of late in a fine campaign, notching four goals in his last two games to take his tally for this term to 21.
His exploits have been key to City's title push - with nine fixtures to go they are two points behind second-placed Liverpool and three behind leaders Chelsea, both of whom have only seven matches left to play - and he is increasingly being talked about as a candidate for the player of the year awards.
Regarding the 30-year-old Ivory Coast international, Pellegrini said: "I think he's had a very good season so far and we hope he can continue like that until the end.
"Hopefully we win the title and Yaya can be the best player."
Liverpool striker Luis Suarez, scorer of 28 goals this season, is viewed as another leading contender, and Pellegrini added: "I don't want to compare Yaya with anyone - both he and Suarez have had very good seasons so far.
"But they must try to finish the season in the same way. It will be the same as the fight for the title - it will be very close."
City's Samir Nasri was recently quoted by several national newspapers as saying that if Toure was not African, everyone would talk about him as the best midfielder in the world.
But asked on Friday about Nasri's claim that Toure does not get the respect he deserves because of his nationality, Pellegrini said: "I don't think so.
"He (Toure) is one of the best midfielders in the world and it doesn't matter if he's European, African or South American.
"I think everyone watches what Yaya does every week, and I think he has every chance to be one of the best players in the world."