Toure has had a poor start to the campaign compared to his usual high standards and Pellegrini wants to sign Ozil in the January transfer window.
Ozil himself hasn't been at his best this season and is currently out injured but that's not deterred Pellegrini.
At 31, Toure's best years are perhaps behind him and his future at City looks uncertain following speculation regarding a possible departure.
Last season Toure looked like one of the world's very best central midfielders as he scored 20 league goals to help City to a second Premier League title but he's been unable to produce anything like that form this year.
His displays in the heart of Pellegrini's midfield have come under criticism from all corners, with his most notable critic being Manchester United legend Paul Scholes.
In 11 league and cup outings this campaign the Ivorian has netted just twice, and although he insisted he shouldn't be judged on goals alone, it's understandable that Pellegrini has decided to look elsewhere.
Although Toure's current contract ties him to the Etihad Stadium until the summer of 2017, The Metro claim French duo PSG and Monaco could be prepared to offer huge deals in order to secure his services.
Arsenal man Ozil may not be the obvious choice to replace a six foot plus, box-to-box midfielder, but he certainly has a lot to offer if he can find his best form.
Most comfortable playing behind a striker, Pellegrini may be keen to pair him up with Sergio Aguero in what has the potential to be one of the most dangerous frontlines the Premier League has seen.
Following a disappointing start to the campaign, Arsenal may be willing to cash in on their record signing, with Metro suggesting a £32million deal could be agreed between the two clubs as early as January.
Should City add Ozil to their star-studded squad when the transfer window opens they'll surely be forced to drop the 4-4-2 system they've often adopted this season.
Ozil has found life tough as a Premier League winger, and his lightweight frame and attacking style means he'd be unable to play in a two-man central midfield.
That would surely force Pellegrini to return to a 4-2-3-1 system, allowing Ozil to enjoy a free role behind a striker, with two more natural wide men flanking him.