The Chilean saw his side keep the pressure on their rivals at the top with a 4-1 win over Southampton at the Etihad Stadium on Saturday.
City travel to Anfield next weekend in a game that could have a huge say in the trophy's destination.
However, Pellegrini believes there will still be plenty of chances for his side to regain the title they lost to neighbours Manchester United last season, even if they are defeated on Merseyside.
He told BT Sport: "Now we have an important game against Liverpool, they have to play tomorrow (against West Ham) so we'll see what happens.
"There's a lot of time to prepare so it's an important game but I don't think that game will finish the Premier League.
"After that we play six games more and Liverpool has to play four."
An early Yaya Toure penalty put City in front against Southampton, with Samir Nasri and Edin Dzeko then finding the net in first-half stoppage-time after Rickie Lambert had equalised from 12 yards.
Mauricio Pochettino's side had much of the play prior to the interval, but City controlled the game in the second period and added a fourth through Stevan Jovetic, leaving Pellegrini delighted with the professionalism shown by his charges.
He added: "Southampton played very well in the first half with possession of the ball because there was a lot of distance between our lines so it was very difficult for us to keep possession.
"When we had the possession we lost it easily so I think we really didn't play very well in the first half, but we scored three goals and (had) a few other clear chances to score.
"I don't remember Joe Hart making any important saves or some dangers near our goal so they had possession, (but) they didn't have chances to score.
"And in the second half I think we played perfect, we scored one goal but we had five clear chances, we recovered the ball, we had possession."
