Last year's runners-up have been the biggest movers in the transfer market this summer, bringing in Alvaro Negredo, Stevan Jovetic, Fernandinho and Jesus Navas in the off-season for a combined total of over £90 million.
While admitting Manuel Pellegrini's side had been made to pay more than they should for some players, the former Germany international is excited by the additions and is confident they will deliver the goals needed to clinch the league crown.
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"But then again, the club that sold knew the money was there and I think the same happened again this season.
"They have bought very well, maybe they spent a little too much, but I think Fernandinho, Negredo, and then the other two players ([and Jovetic] they brought in could make a huge difference to them.
"Fernandinho is a player who can score goals from midfield, brings them energy, and I think this is what they have been lacking."
Hamann believes a lack of goalscoring options was the reason City failed to retain their title last season, but feels the injection of pace the likes of Navas and Jovetic could prove the difference this term.
"The reason they didn't win the league last year, or didn't contend, was that they didn't score enough goals," Hamann continued. "They still had the best defensive record ... [but] going forward they were poor.
"They missed [Sergio] Aguero for large parts of the season, and sometimes when they play with (Gareth) Barry and Javi Garcia I think they are a bit too predictable, especially when they play at home.
"I think a player like Fernandinho has got that energy and that pace, that speed to go away from players that could make a huge difference. So I think they've addressed that and I think all in all they've bought very well this summer."
City open their Premier League season with a home clash against Newcastle at Etihad Stadium on Monday.