Raheem Sterling joined up with his new Manchester City team-mates on their pre-season tour of Australia on Thursday and captain Vincent Kompany believes the winger can help deliver them trophies in the coming years.
Silverware evaded Pellegrini's side in 2014-15 and their meek defence of the Premier League title saw them finish eight points behind eventual champions Chelsea.
But Kompany is hopeful that Sterling's acquisition can help bridge the gap when it comes to challenging for honours next term.
He told the club's official website:
It's massive for us. The biggest thing is that you've seen Sterling, especially the way he played the season before last, and he was one of the main reasons, along with (Luis) Suarez, that Liverpool played so well.
It became more difficult for them when Suarez left but what you will find is that he will have this kind of structure at City already - I mean, we've got Kun (Sergio Aguero) up front, we've got (Wilfried) Bony, we've got so many players who will be able to link up with him; we will be able to make him better as well.
We have great quality in the team but you can't compete nowadays if you don't improve every year.
Other teams improve, we need to improve and getting him puts us one step closer to being this team which can win trophies again - it's very important for us.
British football's most expensive player says he's glad that he's left Liverpool for Manchester CityRead the full story ›
Manchester City have bought one of the best attackers in the world by signing Raheem Sterling, according to Manuel Pellegrini.
England winger Sterling is set to join up with his new team-mates in Australia in the coming days.
“Raheem Sterling is one of the best attacking players in world football, and I am very much looking forward to him joining our squad out in Australia later this week," Pellegrini.
“He is a young player with outstanding ability, and I am sure the Manchester City fans will be very excited about seeing him in action for the team."
Manchester City have signed England winger Raheem Sterling, Liverpool have confirmed.
Sterling has moved to the Etihad in a deal worth around £49million and has penned a five-year deal with the club.
Raheem Sterling has become the most expensive English player ever after completing his move from Liverpool to Man City for £49millionRead the full story ›
Raheem Sterling is set to become the most expensive English player ever when he leaves Liverpool for Man City, but he needs to improve.Read the full story ›
Raheem Sterling's move to Manchester City is imminent after Liverpool boss Brendan Rodgers confirmed the two clubs had agreed a deal.
The England forward is set to have a medical after City offered £49million to take Sterling to the Etihad.
The situation currently is simple. The club has agreed with another club a deal for Raheem to be transferred. Subject to medical that will go through.
Contrary to the last week or so, in terms of what was written, Raheem and I have always remained very strong in our relationship, and have been up until he left. There's no issue there.
Former Manchester City defender Micah Richards says he is not the reason Fabian Delph decided against moving to the Etihad.
Richards, who has just joined Delph at Aston Villa, was accused in some newspaper reports of having told his new team-mate not to join City.
England midfielder Delph looked set to join City, but had a change of heart on Saturday and pulled out of the deal.
Richards tweeted: "If people actually think I had a influence on Delph not going to City your [sic] wrong! And I have nothing but great things to say about City!"
If people actually think I had a influence on Delph not going to city your wrong! And I have nothing but great things to say about city!
Manchester City Women benefited from from the success of the England team at the World Cup by boasting a record Women's Super League attendance on Sunday.
A crowd of 2,102 turned out at the Academy Stadium to see City - including five members of the England team which finished in a creditable third place in Canada - beat Birmingham City Ladies 1-0.
Liverpool have reached an agreement with Manchester City with a £49m bid for Raheem Sterling.
The transfer is subject to contract negotiations and a medical.
The 20-year-old England winger had asked to leave Anfield and was the subject of two bids from City in June, which Liverpool rejected.
Sterling is currently under contract at Liverpool until 2017, but turned down a new £100,000-a-week deal at Liverpool earlier this year.
England winger Sterling will undergo a medical on Monday.