City got off to an impressive start in the tournament by defeating Borussia Monchengladbach 4-0 in their opening group game on Wednesday and Stones insists there is a strong desire to succeed on the continent this campaign.
"We've got to set our sights high and why not?" he said.
"We worked hard to get in the Champions League and the boys did last season when I wasn't here.
"We deserve to be here and we're in the competition for a reason. Everyone who deserves to be in the competition wants to win the trophy.
"If you're not in it to win it then there's no point putting in all the hard work."