Aguero and Negredo have struck up a fearsome partnership in the opening months of the season and have already scored nine goals between them.
Aguero is leading the way with 13 after a hot run of form that has seen him score nine in his last seven games.
Four of those came in three Barclays Premier League games in October and were enough to earn him the player of the month award.
Pellegrini said: "It is absolutely well deserved. Sergio has had an incredible last month.
"I always thought he was incredible because he is a top player, but now he is in a great moment."
Negredo has linked well with Aguero since his £20million summer move from Sevilla and his performances are keeping Edin Dzeko out of the starting line-up.
The Spaniard scored a hat-trick while Aguero grabbed the other two in the 5-2 Champions League win over CSKA Moscow in midweek.
Yet Pellegrini insists there is much more to the goals than simply the form of the front two.
He said: "It is not only Aguero and Negredo - the team is playing very well.
"All the midfielders - (David) Silva, (Samir) Nasri, (Yaya) Toure, Fernandinho - are really playing very well.
"The way the team plays I also think benefits both of them."
City are in good heart after their victory over CSKA took them into the last 16 of the Champions League for the first time.
They now turn their attention back to the Premier League and this weekend's trip to struggling Sunderland.
Last weekend's 7-0 thrashing of Norwich at the Etihad Stadium was a powerful reminder of their force but their away form has so far been indifferent.
City have collected just four points from five games on the road but Pellegrini will continue to approach all games in the same manner.
He said: "I think about different things - one is the Premier League, one is Champions League.
"We finished with the Champions League last Tuesday now we must think about the Premier League.
"But we don't need to change the mind. We are always involved in both competitions exactly the same.
"Normally teams do not play the same way away as at home, it is different, but not in our case."
City must also overcome their recent poor record at the Stadium of Light, having lost 1-0 on each of their last three visits.
Pellegrini is not concerning himself with what happened before his appointment.
He said: "I never think what happened in the past. In the future all the games are different.
"We are going to Sunderland. They are playing well now with Gustavo Poyet and they will be a difficult team to beat."
City are without playmaker Silva, who suffered a calf injury against CSKA and could be out for up to four weeks.
Influential captain Vincent Kompany also remains on the sidelines with a calf problem but he could return after the upcoming international break to face Tottenham on November 24.