The Premier League side have failed to progress beyond the group stages of Europe's premier cup competition in the last two seasons, but have recently changed manager and signed a host of new players.
Jesus Navas and Alvaro Negredo both arrived from La Liga side Sevilla, while Fernandinho and Jovetic signed from Shakhtar Donetsk and Fiorentina respectively - with the quartet set to be guided by new boss Manuel Pellegrini.
And Jovetic expects these changes to reap rewards in the Champions League, with City preparing to face Viktoria Plzen in their first group game on Tuesday.
He told Uefa.com: "We were a strong team before, and now with Fernandinho, (Jesus) Navas, (Alvaro) Negredo and myself, we're even stronger.
"We can definitely compete for our targets: the Premier League title and to go as far as possible in the Champions League.
"The first two seasons they didn’t make it out of the group but it was difficult for them. Last season it was also difficult being in the same group as Real Madrid, Dortmund and Ajax.
"But now we have two years of experience and hope to go through."
Despite Manchester City having endured a mixed start to the new Premier League season, Jovetic also hailed the philosophy of manager Pellegrini.
The 23-year-old added: "His philosophy is more or less the same as mine. I like the way his teams play, I saw that last season with Malaga.
"When we went away for pre-season we did a lot of running, but it was all with the ball. I think that's great and it really suits me."
