Roberto Mancini's side failed to get out of the group stages last season but Toure, 29, is convinced they can go all the way this time around.
"It's going to be exciting because we have a lot of things to win and of course we can challenge for the Champions League.
''That is important because we want to take this team as far as it can go.
"It is so important that we get to the second round. We have a fantastic squad, with a fantastic manager and I am sure we can go far.
"It will be very tough this year but we have a lot of confidence. We have started to win and that's important."