Having narrowly escaped relegation last season, a dramatic turnaround has seen Leicester move to the brink of the title, which they will claim if second-placed Tottenham fail to beat Chelsea on Monday.
However, Manchester City boss Pellegrini, who will be replaced by Pep Guardiola at the Etihad Stadium next season, believes Leicester's success may turn out to be a mere flash in the pan as he does not believe they have the financial muscle to continue challenging at the top.
"I do not think [Leicester being top] is a lesson. They are a very well-organised team with very few injuries," Pellegrini said in an interview with El Mundo.
They have great merit, but I do not think they will remain at the top for eight or 10 years. All big teams have money at their base.
"What Leicester have done, I think, is similar to what we did with Villarreal when we finished second [in La Liga in 2007-08]."
Where is Montpelier that won the French Ligue 1 in 2011/2012 he went further to ask.