City saw the Premier League crown snatched from their grasp in 2012/13 by arch-rivals Manchester United, and were left empty-handed on the trophy front after losing the FA Cup final to Wigan Athletic.
Returning to the summit of English football and righting the wrongs of last season is the target for a new-look City side, under a new boss in Manuel Pellegrini, and Kompany is convinced they can challenge on multiple fronts.
The Blues skipper told Sky Sports News: "It puts a smile on my face because there is nothing better than to know you are going to be competing for some of the most wanted prizes in the world, and we have the team to do it."
Kompany insists City could not be better prepared for the start of the 2013/14 campaign, with plenty of attention having been focused on the building of fitness levels.
He added: "It was probably the hardest pre-season I've had in my career. It was quite exhausting, but really, really good.
"I hope we will take all of the work we have done, take it into the season and use it to make us stronger.
"It has been a problem for English teams, and ourselves definitely, coping with the Champions League, the Premier League and all of the other competitions. We have changed our approach a little bit, so we will see at the end of the season."
Manchester City Fixtures
Monday August 19
20:00 Premier League Manchester City v Newcastle United
Sunday August 25
16:00 Premier League Cardiff City v Manchester City
Saturday August 31
12:45 Premier League Manchester City v Hull City
Saturday September 14
15:00 Premier League Stoke City v Manchester City
Sunday September 22
16:00 Premier League Manchester City v Man Utd SS
Saturday September 28
15:00 Premier League Aston Villa v Manchester City