English champions, Manchester City, are reportedly keen to land Real Madrid defender Pepe.
The Daily Star claims City are prepared to offer £25m (R 445 million) for the 31-year-old.
City have reportedly given up on their main target, Porto defender Eliaquim Mangala.
The Citizens are suggested to also look at Roma’s Mehdi Benatia, but the Italians have put a £50m (R 890 million) price-tag on the 27-year-old.
Pellegrini knows Pepe from his short spell at Real in 2009/2010 and believes he could lure the Portuguese defender to the Emirates.
Pepe has played 48 games this season, but is likely drop to the bench, with Sergio Ramos and Raphael Varane set to be Real’s centre-back pairing next year.
He is currently preparing with Portugal for the World Cup in Brazil.
Do you think Pepe could leave Real Madrid? Have your say in the comment section below.