The Tigers will play in England's top tier for the first time in nine years after beating Middlesbrough 1-0 in the EFL Championship play-off final.
Oli McBurnie was the difference-maker on the day as he fired home from close range, making club history with the only goal of the game.
Promotion to the Premier League comes with a financial windfall and an estimated additional revenue of at least £200M that the side will use to boost the squad ahead of what is almost an impossible chance at survival.
Speaking to Hull Live, Ilicali revealed that he likes being seen as underdogs and that he plans to turn the club into something to be feared.
"They've (the bookmakers) given us a 25 per cent chance to stay in the league, and I like it.
"If we go down and we do everything correctly, we will go directly for immediate promotion and then come back stronger. Leeds United is a good example. The next target and dream is to be Brighton, Brentford, and the next dream is to be Leicester.
"This is the ceiling. Why not go as far as we can? We don't have the credit to make mistakes, I know that. We are fully focused. In the last year, I have given everything to this club.
"Now we are in the Premier League, can you understand how much I am motivated? How much I was motivated last year with your love, even though we were suffering, now we have had the success, I am in the clouds. We will give more and more. Even the fixtures are important; they can change everything.
"My dream is to stay in the league and do everything we can for it. If we stay in the league next year, they will not be able to get rid of us. Trust me, we will be very dangerous. This next year, we need all of your support."
Hull join Coventry City and Ipswich Town as the teams promoted back to the English top flight. The trio will attempt to avoid relegation next season in what will likely be a fight until the very last day of the season.