Giggs says the players are relishing the challenges in front of them and are determined to ensure at least one piece of silverware is captured this term.
"Challenging on all fronts is what you want, especially given the strength and depth we've got in the squad," he told ManUtd.com. "We want to be fighting on all fronts and involved in all the competitions and doing the best we can.
"I think there is more to come from us. There is always room for improvement. Obviously we're happy with where we are in the league and in the FA Cup and Champions League - you've got to be pleased with that. But there is always room to improve both individually and as a team.
"We're not thinking about Madrid really. Everyone was excited when the draw was made but as experienced players you can't look too far ahead. You want to perform in games and be in good form going into games like that and that's what we intend to do. But at the moment we're concentrating on Southampton."