The Citizens, who have not previously qualified from the group stages before this year, face Spanish side Barcelona in the last 16 of the tournament, with the first leg at the Etihad Stadium on the 18th February.
Manuel Pellegrini: "I think we can win it this season. We're fighting against the best squads in Europe, but we've got just the same chance to win it as the other teams, at the least."
The Chilean previously took Villarreal to the last four of the competition in 2006 and Malaga into the quarter-finals last season.
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