The Italian champions, under the tutelage of former boss Antonio Conte, were eliminated from the group stage of the competition last term.
However, Llorente feels that Atletico Madrid proved by reaching the 2014 final, where they were beaten after extra-time by city rivals Real, that it is possible to compete with the continent's richer clubs.
"I think Juventus belong in the group [who will fight for the Champions League]," the Spain international told Tuttosport.
"We have to try. It's obvious that it'll be very difficult. But last year, for example, no one thought that Atletico Madrid could come so close to winning it.
"In football, anything can happen. We have to work very hard in order to have a crazy year. We must believe, dream that we can do it."
Llorente went on to admit that he had some teething problems when he first moved to the club last summer but feels that he can be proud of his first season in Serie A.
"Last year it was very hard for me at first," the towering striker continued. "In the first few months, I wasn't used to Conte's work.
"After the summer training camp in Chatillon, I felt physically sick and morale was low. But 18 goals is a good season.
"I hope to do better now. I hope to have more chances in every sense. Fans must have confidence in this team; we are even stronger."