Free-scoring City allowed the Andre Villas-Boas' side to have plenty of possession but were ruthless on the counter-attack and converted six of the 10 efforts they had on goal.
The first goal came after only 13 seconds through Jesus Navas and the Spaniard added his second late in the game.
The prolific Sergio Aguero also scored twice, with Alvaro Negredo getting in on the act with a stunning strike and Sandro putting into his own net as City took their tally to 26 goals in their last six home matches.
Delighted City boss Pellegrini admitted he could not ask for any more from his side.
"It is impossible to play better than we did today," he said after the comprehensive victory. "Except for 15 minutes in the first half when Tottenham had possession of the ball and were defending well
"After that I think we finished the first half very well, and the second was incredible.
"We have very good strikers, but it's the whole team not just Aguero and Negredo."
The win moved City back to within six points of league leaders Arsenal, and ahead of Southampton thanks to their impressive goal difference.
