Manchester City's newly-appointed manager will know that Roberto Mancini's failure in Europe's premium competition is ultimately what caused his downfall.
In order to build a side capable of challenging for football's biggest prizes, Pellegrini and the Manchester City hierarchy will be looking to attract world-class players to supplement an already talented squad.
The recruitment drive has begun.
Go to the next slide to see who could join Jesus Navas and Fernandinho in Pellegrini's City squad.
Malaga's prodigiously talented playmaker Isco is a prime target for Manchester City. The Daily Mail understands that City are closing in on a deal to make the Spanish international their third signing of the summer transfer window.
City's new manager, Manuel Pellegrini, oversaw much of Isco's development during his time in charge of the Spanish club. City will be hoping to exploit that relationship to tempt Isco to move to the colder climes of the Eithad. Isco told The Sun that he considered Pellegrini to be his "footballing father," although he has also failed to rule out a move to Real Madrid in a recent interview with Spanish newspaper AS (via Daily Mirror).
Isco is currently on duty with the Spanish U21 squad in Israel, but as soon as that tournament comes to a close City will doubtless accelerate their move to bring in the gifted midfielder.
Edinson Cavani guarantees goals.
In the last four league seasons Cavani has scored a remarkable 98 times. In European football's major leagues, only Lionel Messi, Cristiano Ronaldo and the evergreen Antonio Di Natale can better that record.
Given that stat, Manchester City are understandably keen to add Cavani to their ranks. The Telegraph suggest that City and Chelsea have locked horns in a battle to bring the striker to England, but the player's preference would be to join Spanish giants Real Madrid. His father, Luis Cavani, has said:
Cavani's intention is to play for Madrid.
He is excited about it and is very willing to see it through.
He has told the family in private that he wants to join Real Madrid but if he declares it publicly it will annoy Napoli.
City may be forced to prioritise: even a club of their financial might is unlikely to beat Real Madrid to both Cavani and Isco.
David Pizarro has played for Manchester City before.
In January 2012 he was signed by Roberto Mancini on loan. Pizarro made a series of significant cameos, including an eye-catching display against Porto in the Europa League, before returning to Roma.
He has since joined Fiorentina but according to Sky Sports is set to move on again this summer. With Pizarro's countryman Manuel Pellegrini now in charge at the Etihad, a return to Manchester has been mooted.
Should be arrive, Pizarro could be a short-term replacement for Gareth Barry, who has been linked by The Sun with a shock move to Tottenham.
According to The Daily Mail, Manchester City have made an enquiry for left-back Stefan Radu.
The Romania international can play either at left-back or centre-back and would thus compensate for the potential sale of Joleon Lescott and Aleksandar Kolarov.
If Radu is a target, City are likely to wait until offloading at least one of those players before making a move for the Lazio defender.
After selling Mario Balotelli in January, Manchester City seem determined to replace him with another crested Italian star.
The Mirror have linked City with a bid for silk-footed winger Stephan El Shaarawy. These rumours gathered pace when AC Milan vice-president Adriano Galliani refused to rule out the sale of their prize asset, saying:
El Shaarawy? We never said he is not for sale.
With El Shaaraway on one flank and Jesus Navas on the other, City would put fear in the hearts of full-backs throughout the Premier League.