Reports on Sunday suggested Sam Allardyce could land the England defender as the Hammers attempt to fight their way out of relegation trouble, and Alan Pardew's interest in the England defender is well known.
However, Pellegrini insisted Lescott would be staying put, for now at least.
Speaking after City's 2-0 Barclays Premier League victory at Newcastle, he said: "No, no. I am not talking about any loan at the moment.
"I repeat, when this transfer window is over at the end of January, we will see what happens. At the moment, Joleon will stay here with the team."