The Hoops made it past the group stage and into the Round of 16 where they met their demise at the hands of Juventus last campaign but Nigerian defender Ambrose is targeting more success in 2013/14.
"We set the target last year and we want to do better this year," he said.
"I don't think we have (the squad to do that) - I believe we have.
"I believe in what the manager has seen in them (new signings) and I believe they are good players. That is why they are here.
"We never rely on just two players. We rely on the whole team and the people on the bench.
"We can see the qualities of the players and we can do even more than what we did last year, if we put our mind to it and be determined to work harder."