She is hot favorite for Tuesday's 200-meter freestyle final having won gold at last year's Beijing Olympics and bronze at the 2007 worlds in Melbourne.
Pellegrini is also the world record holder in the 200 and the 400-meters freestyle, a mark she reclaimed at last month's Mediterreanean Games in Pescara without going at full pelt.
However, her career has had to navigate stormier waters away from the pool and she sees herself as a love-hate figure.
"If I win they will all pretend to be happy. If I lose, they will give me a pat on the back in front of the crowd then they will go away to celebrate," she said last week.
It is unclear who she means by "they" but the row over ultra-modern suits has made quite a splash.
Governing body FINA recently approved most of the new line of all-body costumes which have been responsible for more than 100 world records in the last 18 months.
Pellegrini is sponsored by Mizuno but at the Mediterranean Games she had to wear the Italy team's new Jaked costume. She covered up the Jaked logo, much to the manufacturer's annoyance, and then broke the 400 record in swimming's latest super suit. But it is her love life, along with asthma and panic attacks, which have propelled her into the media spotlight.
Big battle
France may be missing Laura Manaudou but an almighty battle is shaping up in the men's 100-meter freestyle.
Alain Bernard thought he broke the world record in the French championships semifinal in April but he lost the final to Frederick Bousqet and later found out his 46.94 second record was not valid because his Arena suit would not be approved.
The 47 second barrier could well be broken a week on Thursday despite record holder Eamon Sullivan of Australia missing out with a virus and Michael Phelps not competing in the 100 free after a stiff neck hampered him in the US trials.
"I think Phelps knew he wouldn't win and a sore neck is just an excuse," Italy's defending champion Filippo Magnini joked.
Records could be smashed in many races but whether the expensive costumes will stay on the valid list is unclear.
"They can't allow the 'full-body condom' where all you see is the swimmer's face," German swimming great Franziska van Almsick told Der Tagesspiegel. "Everyone's got to be able to afford a swimsuit. It can't be something that costs $1,500."
Britain's former multiple world record holder Mark Foster said swimming risked becoming a "Mickey Mouse" sport because of the suit crisis but backed his countrywomen, including Olympic 400-meter and 800-meter freestyle champion Rebecca Adlington.
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