City fell foul of UEFA's Financial Fair Play rules last season and, as such, agreed to limit spending for the present campaign and 2015-16.
With that in mind, manager Pellegrini confirmed that the Premier League champions are not expected to be active when the window opens on Saturday.
However, the Chilean once again spoke of his hope of extending Lampard's loan deal from sister club New York City FC until the end of the season.
The former Chelsea midfielder has proved a valuable addition at the Etihad Stadium this term, contributing four goals in 14 league appearances.
"No I don't think we will be busy [during the transfer window]," he said ahead of City's home game against Sunderland on Thursday.
"We have restrictions on money."
On Lampard, he added: "He is in the squad list [for Thursday's fixture].
"I think it is important for him to stay with us. I hope he will be with us until the end of the season."
"If they have another option that is good for them and the club we will [consider our options]," he added.
