Aguero picked up the Premier League player of the month award for his performances in October and Pellegrini believes that the striker fully deserves the plaudits he is receiving.
"It is absolutely well deserved," the Chilean told reporters. "Sergio has had an incredible last month.
"I always thought he was incredible because he is a top player, but now he is in a great moment."
City visit Sunderland in the Premier League on Sunday afternoon.