City host league leaders Liverpool on Boxing Day and could move to the top of the Premier League with a win over the Anfield side, depending on results elsewhere.
Toure's side have also reached the semi-finals of the Capital One Cup and the knock-out stages of the Champions League and the midfielder is confident Pellegrini will deliver success to the Etihad Stadium this season.
"I can say that Pellegrini is a top manager," Toure is quoted as saying by ESPN. "He gives everyone confidence and respects everyone. He comes close to the players and talks to them. Every player wants confidence and [a] chat with the manager and [to] get advice from him.
"Pellegrini is doing really well in that respect. It's not easy to have time for everyone as you have a squad of 30 players. But he gives everyone confidence, whether they are in the starting 11 or not."
He added: "Any trophy will be very welcome, we are chasing them. We want to be a top club, but to do that we have to win trophies. But to be honest, with the team we have and the manager we have, nothing will surprise me if we win more than one."