Guardiola said this week he wanted to work in the Premier League and already has 'several offers from England'.
"I do not think my position in the future is linked to titles," Pellegrini told British media. "For me, as a manager, it is important to win the title because it is my job.
"... if I have the option to renew here (City) for five years more or to win the title and be sacked, I would prefer to win the title.
"If you are the owner of a club, you must have the option to replace the manager if they win the title or if they do not win the title. It just is about your trust in the way you work."
City are third in the league table, three points behind leaders Arsenal, and still in the mix in all competitions, domestically and in Europe.
Pellegrini, however, believes it would be challenging to win all four trophies given the hectic fixtures later in the season.
"I am not sure if you can continue in all the competitions," he added. "I think if you play the semi-final of the FA Cup and you are in semi-final of the Champions League, then you do not have time to play one of the games.
"I am worried about the FA Cup. After the first rounds, you start having to postpone your Premier League games to continue in the FA Cup."
City play Everton on Wednesday in the first leg of the League Cup semi final, before travelling to Norwich City on Saturday in the third round of the FA Cup.
(Reporting by Nayan Das in Bengaluru; editing by Sudipto Ganguly)
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