The Ivorian's agent, Dimitri Seluk, said this week that he would "listen to any offers on the table" this summer.
Pellegrini dismissed the speculation, suggesting the 32-year-old midfielder should "think in the present".
"Yaya is mentally absolutely involved in this season, and not thinking about his future," he said.
"I know what Yaya thinks. He wants to continue being the same important player that he has been for this team in other years."
Manchester City sit third in the Premier League table, one point behind Arsenal and Leicester City, and travel to West Ham for Saturday's late kick-off at 17:30BST.
Yaya Toure is focused on Manchester City's season and will not be distracted by transfer speculation, according to manager Manuel Pellegrini.