However, despite last year's addition of superstar forward Ronaldo to an already star-studded group, Juventus exited both the Champions League and Coppa Italia in the last eight.
And Davids, who enjoyed a seven-year spell at the club which saw him win three Serie A crowns, claimed his former side must improve on last season's showing in Europe in particular if they are to go down as the best in club history.
Asked if Ronaldo's Juventus is the greatest crop of players seen at the Bianconeri through the years, Davids replied: "Did he reach the Champions league final? No. But I hope they can make it next year.
"It is becoming an obsession for Juventus. When you want to be the best it has to be an obsession."
Juventus have added free agents Aaron Ramsey, Adrien Rabiot and Gianluigi Buffon, as well as bringing in Merih Demiral and Luca Pellegrini during the close season.
Ajax's in-demand skipper Matthijs de Ligt has been tipped to make the switch to the Allianz Stadium too, following a successful season at the Eredivisie side which saw him lead them to the Champions League semi-finals, knocking out Juventus in the process at the quarter-final stage.
De Ligt was not quite able to match Davids, who claimed a Champions League crown with Ajax in 1995, but could find himself on a similar path to the former Netherlands star if he makes the move to Turin.
Davids made the move from Ajax to Serie A following that Champions League triumph, first to Milan for a season and then to Juventus midway through the following campaign.
However, Davids has his reservations about annointing his countryman De Ligt as one of the best in the game just yet.
"He has only played one season at the highest level," Davids said at the Operazione Nostalgia 2019 event.
"I don't think we have to exaggerate his evaluation."
Juventus have reached the final five times since their last triumph in the Champions League, twice with Davids, and most recently going down 4-1 to Real Madrid in 2017.