Toure, 31, has two years left on his contract but prompted speculation about his future by describing Paris St-Germain as "a great club" in aninterview with a website in France.
"Maybe a new challenge is City also," said Pellegrini when asked about the Ivory Coast international's comments.
"I'm sure Yaya is very happy here."
Reports claimed Toure's representative Dimitry Seluk was to hold talks with City after saying he had received "different offers" for his client.
Toure joined City from Barcelona for £24m in the summer of 2010.
He played key roles as City won the Premier League title in 2012 and 2014.
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