Aguero close to City return
Aguero, City's top scorer with 19 goals this season, has been out since suffering a calf injury in the 6-3 defeat of Arsenal on December 14.
The Argentinian is now back in training and could be in contention for next week's home clash with Cardiff in the Barclays Premier League.
Pellegrini said: "Aguero continues working and maybe next week he can be fit."
City have won six of their seven games in Aguero's absence - the exception being a 1-1 draw at Blackburn in the FA Cup third round - but his return will be welcomed ahead of next month's Champions League date with Barcelona.
Key midfielder Yaya Toure is fit for the game at Newcastle on Sunday.
Pellegrini said: "Yaya is okay. There was a little pain in his ankle but nothing important."
Winger Jesus Navas is in contention after being rested in midweek due to a minor knee problem.
Striker Stevan Jovetic and midfielder Jack Rodwell remain on the sidelines.