City enter their second campaign in the elite European competition as champions of England, but have been drawn in the 'Group of Death' as they face the champions of Spain, Germany and Holland, in Real Madrid, Borussia Dortmund and Ajax respectively.
The Italian manager believes they will face a much harder test than last season, when they exited the competition at the first stage after being drawn in a similarly difficult group, but is convinced that the Champions League is an achievable long term goal for the club.
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"If you drive a Ferrari you can win, if you drive a Fiat Cinquecento, probably not," Mancini told reporters.
"In the past we have been working [towards winning the Champions League]. I think we beat good teams but we have played together for two years and we needed time.
"I am sure we will arrive to win this trophy in the future. I do not know when, but I am sure because we are working for this.
"If we want to improve every year it is possible."
The former Inter Milan coach has admitted that his side have an even tougher task ahead of them compared to last season's disappointing European campaign, but that they would use the experience in a positive way and attempt to at least make it to the knock-out stage.
"I think it was a good experience last year - we did a good group but it was not enough," Mancini added.
"I think the group will be stronger this year but it will be difficult for all the teams.
"I think it is important now that we go to the second stage. After February anything can happen, but now it is difficult to say what we can do."