The Montenegro international was one of the high-profile stars to move to the Etihad Stadium this summer in a £23.3 million switch from Fiorentina.
And Jovetic feels this season's squad are strong enough to make it out of the group stages after two disappointing exits.
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"We were a strong team before, and now with Fernandinho, [Jesus] Navas, [Alvaro] Negredo and myself, we're even stronger," Jovetic told UEFA.com.
"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."
Jovetic also revealed he snubbed a move to Italian champions Juventus to join City, and the striker has pinpointed new coach Manuel Pellegrini as a key factor in his move to England.
He 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."
City have been drawn against Bayern Munich, CSKA Moscow and Viktoria Plzen in Group D and kick off their campaign against the latter on Tuesday evening.