"I think Sergio will be back during January - he's working, he is training," Pellegrini told a news conference ahead of Wednesday's league Cup semi-final, first leg against West Ham.
"Of course it's very good news. Any players that are recovering from their injuries is very good news, especially an important player like Kun Aguero."
Argentine Aguero, who was injured in the 6-3 victory over Arsenal, is one of several City players ruled out of the West Ham clash with Stevan Jovetic and Jack Rodwell also missing while Jesus Navas has "a little problem" with his knee.
"Jovetic, Aguero and Rodwell are injured and cannot play tomorrow," Pellegrini said.
"Jesus Navas has a little problem with his knee. It's not very important, but we are just being cautious."
Aguero has scored 13 Premier League goals this season, although his absence has not proved a problem for a rampant City who have won five out of six in all competitions since then.
After an erratic start to the season, especially away from home, City have hit their stride and the League Cup could offer Pellegrini an early opportunity to put his first silverware in the club's trophy cabinet.
They are also second in the Premier League, have a home replay against Blackburn Rovers in the FA Cup and are in the last 16 of the Champions League.
"We are not thinking about the four trophies, we are just thinking about winning the next game we have to play," Chilean Pellegrini said.
"Tomorrow is one of the two games of the semi-final of Capital One, it is very important we play here at home and I suppose we are going to have to have a very good performance to try to win against West Ham.
"I think it's very important to play the first leg here at home, so tomorrow we will try to win and if we can score more than one goal it will be very important for the second leg."
(Reporting by Martyn Herman; editing by Justin Palmer)
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