The inspirational defender, who has not played since suffering a groin injury in the opening game of the season, has travelled with the squad ahead of the Group D encounter.
Despite that, Pellegrini said he will not take any unnecessary risks with his key defender.
Pellegrini, speaking at a pre-match press conference at the Doosan Arena, said: "Vincent has worked with us normally for the last two days.
"We will see if he is 100 per cent. If he is, of course he will play. We will talk with the doctor and decide.
"I think he will be 100 per cent, but if he is not he will not play.
"We have a very important match but we have other players if any are not 100 per cent."
Kompany was badly missed as City suffered a shock loss to promoted Cardiff in their second Barclays Premier League game of the season.
Since then they have kept two clean sheets but questions have been asked of their injury-hit defence, most notably in Saturday's goalless draw at Stoke.
Micah Richards, Gael Clichy and Martin Demichelis are also sidelined. Despite that, Pellegrini has played down the significance of his captain's absence.
He said: "Vincent is a very important player for us. He has been injured for about one month.
"But without Vincent, except for the game against Cardiff, the defence played very well. We have had three clean sheets.
"Vincent is very important but we have a squad. We have replacements for any player who is injured."