Central defender Kompany, who took part in the open section of a training session, has endured an injury-disrupted campaign and a recurrence of a calf problem has kept the Belgium international on the sidelines for nearly a month.
"He is not 100 percent. It is not possible," Pellegrini told reporters.
Midfielder David Silva, who missed Saturday's 2-1 Premier League win over West Bromwich Albion due to a persistent ankle injury, has also returned to training. Winger Raheem Sterling and defender Nicolas Otamendi are still sidelined.
Pellegrini's team head into the PSG game at the Etihad Stadium on Tuesday with a slight advantage after drawing the first leg 2-2 in Paris last week.
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