Pellegrini has failed the past two seasons with city. So I fail to see how he would do any better with a club with a fraction of the resources.
If we are going with old City managers I'd rather have Mancini. Pellegrini doesn't look like he can build a defense without Kompany and he has under performed the past two seasons.
Although it doesn't seem like it is possible there is some logic to Mourinho coming on:
1. We do pay our managers fairly well and with Moshiri we can up it and not have to worry about FFP.
2. He has already sat out most of this season and I doubt he wants to miss the start of another.
3. We do have talent and the promise of a good size war chest.
4. We are the best available club.
5. This is just speculation, but I really think he wants to stay in the EPL. Unless you are at Barca, PSG, Bayern or Real no other league can offer the attention and spectacle as the PL. Plus with I am sure he'd love to battle Guardiola, Klopp, and try to beat/rub into Man U/Chelsea that they have the wrong man.
A lot of this comes down to the Man U job. If LVG stays on does Mourinho want to wait and circle the position like a vulture or move onto another club? What other top clubs are available that can afford what he will want in wages?