Roberto Mancini's spending in the transfer market has already passed the ¦pound;35million mark with the captures of Spain midfielder David Silva and Germany defender Jerome Boateng this summer.
"Everyone knows from the signings that we have made this summer that we mean business," said Given.
The Eastlands outfit are expected to raise their £20million bid for England midfielder James Milner in the coming weeks, while the club have also been linked with expensive moves for Wolfsburg striker Edin Dzeko and Lazio full-back Aleksandar Kolarov.
Given, who moved to City from Newcastle in February 2009, is sure that current boss Mancini will add even more players to his squad this summer to put the team on a par with the two clubs who have dominated the league over the last few years - Manchester United and Chelsea.
"Everyone knows from the signings that we have made this summer that we mean business," said Given. "The new owners are obviously ambitious. They want us to win trophies and challenge for the Premier League and we have a strong squad already.
"Boateng and Silva will add to that and will make us stronger. I think we'll get a couple more players which will boost the ranks at the club and it's an exciting time to be a player or a fan of Manchester City.
"Obviously we are not up there with the likes of Chelsea and Man United in terms of trophies on the mantelpiece, we have to catch up in that sense, but by the time we have put our whole squad together by the end of this window then we will have as good a squad as them which will hopefully mean that we will be able to challenge them.
"We want to win something this season. We have a good squad of players so there's no reason why we shouldn't be challenging for top honours."
Source: PA
Source: PA