Having invested heavily over the summer in experienced Champions League campaigners such as Sergio Aguero, Gael Clichy and Samir Nasri, City were expected to make light of this being their debut season in the competition.
But their 2-0 victory over Bayern Munich was not enough to prevent them tumbling into the Europa League.
Despite missing out on the knockout stage, with his side handily placed in the Premier League and in the semi-finals of the Carling Cup, Mancini feels confident his team are capable of meeting his trophy target.
Mancini said: “We are disappointed, that is normal. We wanted to go into the second stage and now we can do nothing.
“It is my opinion next year, that if we play Champions League, we will do better. I am sure we will improve, but it is important to finish well this year. When I say finish well this year, I mean to maybe win two trophies.”
Last season’s FA Cup win secured City’s first trophy in 35 years and rather than treat their impending Europa League campaign with disdain, Mancini wants to make the most of every opportunity to collect more silverware.
He said: “We are not United or Bayern Munich or Real Madrid. For us to win the Europa League is an important trophy. It is clear we wanted to win the Champions League but this is not possible. The Europa League now becomes an important trophy. The Premier League is the priority – and the Europa League, Carling Cup, FA Cup.”