Manuel Pellegrini signed a one-year contract extension with Manchester City on Friday and insisted if the club wanted Pep Guardiola they would have told him.

Pellegrini’s new deal ties him to the club until 2017, with his previous contract having been due to expire at the end of this season. City are long-term admirers of Guardiola, the Bayern Munich coach. Their sporting director, Txiki Begiristain, and chief executive, Ferran Soriano, worked with him at Barcelona.

Although Pellegrini admitted Guardiola would be favoured by any club, he is confident of his own position. “[I’m] not talking about Pep Guardiola, he is a manager that every team will want to manage because he is a great manager,” he said.

“Maybe he is more linked with this team because of the relationship with Txiki and Ferran and I trust in them and I am sure if they want to bring in him, they will tell me. I have no problem with my relations inside the club. I know exactly how the owners think.” Of his fresh terms Pellegrini said: “What it means for me – it is very important for the club to trust in our work. I am very happy here also at Manchester City so if both parties are happy to continue [then good].”

Pellegrini admitted there is a possibility he could still be sacked as results are still vital to any manager’s job prospects. “I was used last season to the speculation. [Carlo] Ancelotti had a contract signed [with Real Madrid] and Jürgen Klopp had also a contract [at Borussia Dortmund],” he said. “You know in this profession you need the results so it is very important for me to have a good season and good results. In football you never know how long are the contracts.”

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Pellegrini would be open to staying at City beyond 2017. “You can sign for 10 years and four months after you are sacked but I think that when the two parties are happy with how you are working, of course you can extend your contract, not just for one year or two years. For me, the owners are happy with the way I am working. Me, I am also happy at this club. It is impossible to know about the future.”

David Silva, Sergio Agüero and Samir Nasri have each recovered from stomach bugs that troubled them in the week so should be available for Monday evening’s trip to West Bromwich Albion.

“The only player that will not be fit for Monday is [Gaël] Clichy,” said Pellegrini. “He has a problem in his ankle in the last week and I don’t think he will be 100% fit to be in the squad list. Fabian Delph also is not ready. He has his hamstring injury in the pre-season. All the other players I think will be fit. Agüero, Silva, Nasri they are working hard. Agüero is 100%, Silva also. Nasri is returning from his fitness.”

Last season City let in 38 goals, the most by any of the top four clubs. Vincent Kompany, the captain, had an uneven campaign. But Pellegrini has no concerns over the defender’s ability going into the new season. “I trust a lot in Vincent,” he said. “It is always important to analyse why we concede 38 goals. More than 35% were from set pieces. It is important to concentrate on the second balls and not to concede so many free-kicks or corners.

I don’t think defending comes from just one player. It comes from the team. Last season was also a good experience for Vincent and I am sure we will see the player we saw playing so well two years ago.”

Pellegrini stated that if City do not claim a trophy, the season will be seen as a failure. “For me a good season with a big team is that you must win a title,” he said.

“You cannot say it is a very good season if you win nothing. After that also it is very important in the way you win a title.

“Maybe you can win a title and I am not happy the way we play for me it is not a good season. For me both things: first of all win because you must win titles and second play the way I think we must play.”Regarding Delph’s injury, Pellegrini said: “I think he needs 15 days more. That will be a month from the injury he got in pre-season. He played just 17 minutes but you saw in those 17 minutes that he will be an important player for this club.”

The manager is also hopeful that this season some of the club’s young prospects can progress.”One of the important things that happened in pre season was to see three or four young players, the way they play. I’m talking about Kelechi [Iheanacho], Manu García, Roberts, important players who will do well in our squad,” he said.