Pellegrini, 72, has a deal with Betis to the end of next season.
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The veteran says he's happy with the LaLiga club, though does want to coach his home nation, Chile, before he retires.
Pellegrini said, "I've always said that if there's a serious project, at some point I'd like to manage my country.
"At the end of my career, the possibility of managing in a World Cup or a Copa América is always appealing, but what one might think about the future isn't always related to reality."
Pellegrini currently has Real Betis sitting fifth on the LaLiga table, 13 points from fourth place Atletico Madrid.