The Belgium international believes that his side should not be considered as the leading contender for the Premier League despite their triumph during the 2011-12 season
Roberto Mancini's team claimed the 2011-12 championship in dramatic style and begin their title defence next Sunday when they kick-off at home to newly-promoted Southampton.
City made a statement to their league rivals on Sunday by coming from behind to record a 3-2 victory over Chelsea in the Community Shield.
"It's going to be a very interesting season again," Kompany told the FA's official website. "I wouldn't say we are favourites but it doesn't matter; if we can improve on last season then I'll be very happy."
Yaya Toure, Carlos Tevez and Samir Nasri scored to hand City victory at Villa Park, with Fernando Torres and Ryan Bertrand notching goals either side of the three-goal flurry for the European champions.
Kompany refused to get carried away with the result despite dealing an early blow to their rivals, and recognised that the London club will be a threat to City's hopes of retaining their Premier League crown.
"We deserved to win, but it's going to be a tough league because you can see Chelsea have got qualities as well," he added.