Wolves are backed by Chinese owners Fosun International, and the conglomerate are keen to enhance the club's reputation in their homeland after promotion to the Premier League.
West Ham host Wolves at the London Stadium on Saturday afternoon, and Pellegrini has suggested that he had been left impressed by the style of play of Nuno Espirito Santo's side.
At a press conference, the Chilean told reporters: "When I was out in China I was always seeing what was happening, Nuno Espirito Santo has done some good work with Wolves, not only because they were promoted but the amount of points the got in the Championship.
"I think they're a team who can play against [Manchester] City or any team in the Premier League the way they are doing after three games and they are doing very well."
Both clubs are still searching for their first win in the top flight since the start of the season.