The supremo has every confidence that his side can overcome the trials and tribulations of Group F and secure a place in the quarter-finals of the competition
The Liga giants were drawn in Group F alongside last year's finalists Bayern Munich, Lille and Belorussian champions BATE Borisov.
And while the president is aware of the pitfalls that await his side, he is adamant they can progress to the knockout stages of the competition.
"Obviously the favourites are Valencia and Bayern," said Llorente.
"Lille were the French champions two years ago and we must respect them, although they do not have the same team. And BATE Borisov, of course, are there for a reason."
The 60-year-old is proud that Valencia have reached Europe's most prestigious tournament once again, and is now targeting a place in the quarter-finals after last season's disappointing campaign, where they finished behind Chelsea and Bayer Leverkusen in their pool.
"The Champions League is always difficult, with top-level matches," Llorente noted. "We have a good team.
"This is the third consecutive time we have played in the Champions League and the 10th overall. This means that we have experience and a reputation.
"Our aim is to do well because we have to get into the knockout round and reach the quarters after. But Europe is Europe and it is very difficult. "
Valencia started their domestic campaign with two draws, a 1-1 stalemate away at Real Madrid before a thrilling 3-3 contest at home to Deportivo La Coruna.
They will begin their Champions League campaign with a trip to the Allianz Arena on September 18.