City head to Old Trafford looking to reduce the deficit on league leaders Chelsea to three points, but the Chilean boss does not think that his side have the advantage against their fierce local rivals.
"Maybe we have more points than them, but I don't think we're favourites," Pellegrini told Sky Sports News.
"Both teams have very good players, they are not in their best season, but they're still a big team with top players, so the match is equal for both teams.
"Tonight's game is one of the 10 steps, it's important because it is [here] now and we can recover the points on Chelsea, but it is not the final match."
You can catch live commentary of the game here.