Manchester City have become the bookies favourites to win the title, after their 4-1 humbling of Manchester United, according to the Metro.
Despite currently sitting behind Arsenal and Tottenham in 3rd, Pellegrini's charges are top of the pile in terms of the chances of them being crowned champions, being 15/8 with Betfred, Boylesports, Bet365 and Totesport.
Chelsea are second favourites to win the Premier League at 10/3 with Sky Bet, whilst Arsenal, who are 1st at the moment after beating Stoke 3-1 at the weekend, are 7/1 with Ladbrokes to maintain their position.
Tottenham find themselves offered at 12/1 with Coral, and reigning champions Manchester United are 9/2 across the board.
City's 4-1 thumping of their arch-rivals will have done little to play down their title credentials, and whilst Mourinho's Chelsea seem to be struggling to recapture the dominance witnessed during his first stint in charge, there may be a lack of realistic challengers for Pellegrini's expensively-assembled squad.
Arsenal and Tottenham are both looking good value for money this year but, despite the fact they each possess an abundance of quality, they may struggle when the season hits the mid-way stage due to a lack of genuine quality in terms of squad depth.
Meanwhile, new Manchester United manager David Moyes is in from 66/1 to 33/1 with Ladbrokes to become the next manager to be relieved of his duties and they also offer 8/1 that he is gone by Christmas.