The former Manchester City manager has signed a three-year deal as West Ham boss, succeeding David Moyes at the Hammers’ helm.
Now the 64-year-old will set to work on dragging West Ham back up the Premier League table, following this season’s 13th-place finish.
“I think West Ham has a very good team. I know all of the players and I saw most of the games they played last season,” said Pellegrini.
So I am sure that, with the players we have in this moment in the squad, and bringing maybe another four or five players in, we are going to have a strong team.
“I am excited about this project. I know that this league is very good and it’s not easy to do it, but I think that working all together with the owners, the technical staff, and the fans, we have an important power and can think about reaching important targets for the season.
“I think that West Ham had a difficult season last season and I hope that next season we are going to play football that will delight the fans.”
Former Manchester United boss Moyes replaced Slaven Bilic in November and led the Hammers away from the relegation zone.
But West Ham’s board quickly opted not to retain the Scot’s services, and have now installed Pellegrini instead.
The Hammers’ new Chilean boss led Manchester City to the Premier League title in 2014, with the Blues blasting a record 151 goals in all competitions that season.
Pellegrini believes he shares a common vision for West Ham’s future with the club’s joint chairman David Sullivan.
“Every time I spoke with the owner Mr Sullivan, I always had the feeling that he wants me,” Pellegrini said.
“Every time you have a meeting you have feelings about whether it was a good meeting or a bad meeting and I had the meeting with him, just talking about football and talking about West Ham.
We agreed on a lot of things he wants for this club in the way I think a football club must be managed, so we have a lot of common ideas.
Pellegrini left Chinese Super League club Hebei China Fortune over the weekend and Sullivan has hailed his appointment.
“I am delighted to welcome Manuel Pellegrini to West Ham United, he is one of the world’s most respected football coaches and we look forward to working with him,” Sullivan said.
“Manuel brings a reputation for attacking football and getting the best out of his players. We believe he will attract new talent to the London Stadium as well as improving the current squad.
“Manuel is the first West Ham United manager to have a Premier League title on his CV, and we believe that his experience, quality, and proven record of taking teams forward quickly will ensure he is successful here.
We have listened to fans who asked us to be ambitious; we hope they agree it is an exciting appointment.
In other news on the managerial front, Stoke have appointed Gary Rowett as their new boss on a three-year deal.
Rowett leaves beaten play-off semi-finalists Derby, where he had signed a new long-term contract in January of this year. He will be charged with getting Stoke back into the Premier League at the first attempt following their relegation after a decade-long stay.
Meanwhile, Borussia Dortmund have appointed Lucien Favre as their new head coach on a two-year deal.
Favre stepped down as Nice coach last week amid speculation linking him with the Dortmund job.
The 60-year-old Swiss has previously coached Hertha BSC and Borussia Monchengladbach in the Bundesliga, helping the former to fourth place in 2008/09 and saving the latter from relegation in 2011/12.