Real, who won Europe's premier club competition for the 10th time in their history last season, have spent big once again in the transfer window.
Midfielder Toni Kroos, attacking midfielder James Rodriguez and goalkeeper Keylor Navas have all moved to Santiagio Bernabeu as Real look to build on the successes of 2013-14, which also saw Carlo Ancelotti's men win the Copa del Rey.
No team has won the Champions League back-to-back since the tournament took on that guise in 1992, although Real won the trophy in the first five years following its inception as the European Cup.
Real were in ominous form in their 2-0 UEFA Super Cup win over La Liga rivals Sevilla on Tuesday, Ronaldo scoring both goals as they cruised to a deserved victory.
The Portugal forward is hopeful that Real can emerge triumphant in every competition they play in this campaign and is determined to lift the Champions League trophy once again.
"Madrid are going to be the first team," Ronaldo said when asked about the prospect of defending the Champions League.
"I hope so. Maybe we have the potential to be the best but I believe the players that Real Madrid have bought this season - James, Kroos and Navas - are going to give more support to the team and more quality.
"I'm very happy with the quality that we have in the squad, so it's fantastic and we are going to try and win all the trophies."
Meanwhile, Ronaldo was quick to praise Gareth Bale - Real's world-record signing last year - after the Wales forward laid on a perfectly placed cross for Ronaldo's opener against Sevilla.
"Bale was fantastic, he played amazing," Ronaldo added.
"He looks strong, he looks fast and is a very important player for us.
"He had a fantastic season last year so it doesn't surprise me the way he plays.
"He showed his quality week by week and it's great to have Gareth with us and be part of the success of Real Madrid.
"I'm very glad to play with him to because he understands me and I understand him. He does fantastic passes and I love it."
