Manchester City announced today they have appointed Pellegrini as manager on a three-year contract, beginning 24 June.
Pellegrini has become the latest product of the Spanish football boom to be picked off by the riches of the Premier League as Manchester City have handpicked the Malaga boss as the man to take them to the next level in the UEFA Champions League after a couple of disappointing European campaigns under Roberto Mancini.
The Chilean appears to have all the necessary attributes, at 59 he is hugely experienced, he has taken both Malaga and Villarreal to the latter stages of the Champions League at the first time of asking and he speaks very good English.
The one area for concern may be the Pellegrini's lack of a trophy from his time in Spain, but given the widening gap in resources between Spain's big two clubs and the rest, what he achieved with two historically unfashionable clubs in Malaga and Villarreal has been enough to convince City director of football Txiki Begiristain that his style of patient, possession football can be enforced upon City's array of world-class talent.
Even the one minor blot on Pellegrini's copybook doesn't look so bad in retrospect as he was hounded out of the job at Real Madrid after just a year by a Madrid media who craved the type of big name they were rewarded with in Jose Mourinho. However, despite coming up short in the league to Pep Guardiola's Barcelona, his return of 96 points was significantly better than Mourinho has managed in two of his three seasons in charge.
Pellegrini's experienced past
Pellegrini was the key figure behind the rise of Villarreal, a tiny club from a tiny town about an hour from Valencia, who were living the dream just by being in the La Liga for the third season in their history before Pellegrini arrived in 2004.
He managed to harness a team spirit and style of play, as well as using his ability to pluck bargains from the South American market that saw them finish third, seventh, fifth, second and fifth again in consecutive seasons before Madrid came calling in 2009.
That stretch also saw the yellow submarine reach a UEFA Cup and Champions League semi-final and his departure preceded an unravelling of the things Villarreal had been so good at. Money was splurged on unsuccessful signings and firing three coaches in one season only contrived to see them relegated last year.
After a brief unsuccessful spell trying to mould together Florentino Perez's second try at a Galacticos project, he moved onto Malaga which at the time appeared a smaller scale version of how Sheikh Mansour's money has transformed City.
Pellegrini's first task when he took over in November 2010 was to save them from relegation, which he did comfortably and in the following summer, bankrolled by Sheikh Abdullah Al-Thani, Malaga spent big, bringing in the likes of Spanish internationals Santi Cazorla and Nacho Monreal.
The Andalusians began to exhibit the virtues that Pellegrini had engrained upon Villarreal. A patient, possession-based game that even if it wasn't always the most incisive moving towards the opposition's goal, protected themselves and made it impossible for others to control the game.
City's understandable belief is that if such success can be produced from such tight financial conditions, with Mansour's millions behind him, there is no limit on the success Pellegrini can bring to the Etihad.