Manchester City have confirmed on their website that John Guidetti has joined Stoke City on loan.
The Sweden Under-21 international joins the Potters on a temporary deal for the remainder of the season.
The highly-rated 21-year-old, joined the Manchester club aged 16 but has seen his progress hampered by injuries and City's wealth of attacking talent.
With Sergio Aguero, Alvaro Negredo, Edin Dzeko and Stevan Jovetic all ahead of Guidetti at the Etihad Stadium, he has appeared just twice on the City bench this season.
Following a successful spell at Feyenoord in the 2011-12 season, the club clearly feel a move away would be in the player's best interests.
Pellegrini, speaking at a press conference to preview his side's FA Cup third-round replay against Blackburn, had earlier confirmed that the striker would be leaving the club in this window, saying: "Yes, John is going on loan. I said two or three weeks ago.
"I don't know if he has arranged with Stoke but he is going on loan."
In order to free up the loan spot for Guidetti, Stoke have confirmed that they have converted midfielder Stephen Ireland's loan move from Aston Villa to a permanent deal.
The Potters other Premier League loanee is Liverpool's Oussama Assaidi.
Stoke boss Mark Hughes confirmed he was looking to add players following his side's defeat by Liverpool on Sunday.
He said: "We are looking to try to add players if we can.
"There are certain parts of the game we need different options, to go in behind. We lack a little bit of pace and we are trying to address that.