The Montenegro international moved to the Etihad Stadium in the close-season, in a reported £22 million switch from Serie A outfit Fiorentina.
Jovetic has been limited to just three starts for the club, however, with hamstring and calf injuries plaguing his career in England thus far.
The 24-year-old is expected to play a role in the League Cup semi-final against West Ham, with the tie seemingly a formality after City won the first leg 6-0.
And Pellegrini believes Jovetic can be still be an important part of City's superb front line, with the club still challenging for success on four fronts this season.
"It's an important chance for him to come back to play but I don't think he'll be able to play from the beginning or play 90 minutes.
"We'll talk with the doctor and if he doesn't have any risks, then maybe he will be in the squad.
"He came here to play in the Premier League. He was a very important player in Italy for Fiorentina and I still believe he will be a very important player for us.
"He can really start playing often in the next three months and I think he can be the player we hoped he would be.
"It's very difficult to be happy when you're not playing and you have so many injuries, but he's conscious that he will (get to) be 100 per cent fit and demonstrate why he's here.
"We are trying every day to give him trust so that his bad luck will finish soon.
"It's very important that he comes back ambitious and hungry to be an important player here at Manchester City."
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