The England defender has been heavily linked with a move away from the Etihad Stadium, with the likes of Vincent Kompany, Martin Demichelis and Matija Nastasic seemingly ahead of him in the pecking order.
Newcastle, Tottenham and West Ham have been linked with a move for the 31 year old who is out of contract in the summer and still holds hopes of being involved in the England World Cup squad for Brazil next summer.
The former Everton defender has played 11 times for City so far this season due to injuries to other key defenders and for that reason Pellegrini is not willing to allow him to leave.
“Not for the moment. Joleon Lescott is a very important player for us,” Pellegrini said.
“I understand he finishes his contract in June here.
“We will see what happens in the future and in the transfer window but for the moment he is still here and he is a very useful player for our team.”
A loan deal may still be an option for Lescott though with a recall clause enabling City to get their man back if they need him.