Toure - who payed under Pellegrini at Manchester City - looks set for a move to Greek side Olympiakos.
He had been linked with a possible move to a London club possibly West Ham, only for his agent Dimitry Seluk to tweet: "It's not West Ham, 100%. Yaya is a champion. The last place is not for him."
Pellegrini responded today: "Unfortunately they were the words of Yaya's agent. I spoke to Yaya, I know him and appreciate him as a person. He is a very good player but in the moment when we were doing our squad list, that position was covered for other players.
"We need money to bring in players in other positions so we explained to Yaya clearly why he cannot come here. I hope he will find a good club, a big club because he is a very good player."