The Serbian will miss the start of the season after suffering an ankle injury playing for City in the Barclays Asia Trophy tournament in July.
It was feared the 20-year-old could miss the first month of the Premier League campaign but the player appears to be making good progress.
Pellegrini said: "I am not surprised because we saw him in the last week.
"He is not ready for the next match but next week he will work normally with the whole squad."
Striker Sergio Aguero is in contention for City's opening game against Newcastle at the Etihad Stadium on Monday.
The Argentinian has been troubled by a knee problem during the summer but is now close to fitness.
Pellegrini said: "He is fine, no problem. He has worked with us normally for the last 10 days so he is not a problem."
Pellegrini, speaking at a regular press conference to preview the Newcastle match, also revealed winger Scott Sinclair could be allowed out on loan.
The 24-year-old failed to make a major impact after joining City in a £6.2million move from Swansea last summer.
West Brom are reportedly interested in taking the Chelsea youth product on loan while West Ham and Crystal Palace have also been linked.
Pellegrini said: "Scott Sinclair is here and in the squad.
"He wants to play more and he has important players that play in the same position.
"We will see what happens with him today [Friday] and tomorrow [Saturday].
"If he wants to go on loan to play more, we will try to give him that."