Carlo Ancelotti's side has been drawn against Schalke in the first knockout phase as it looks to progress beyond the semifinal stage after three successive seasons of being knocked out at the penultimate hurdle.
Ronaldo, 29, defended the club's pursuit of becoming the first club to take its European Cup tally to double figures and admitted the players are focused on usurping Bayern Munich as champion of Europe.
"Winning the 10th Champions League cannot be seen as an obsession," the Ballon d'Or-winning forward told Sky Sport Italia. "The fans, players and everyone else has expected that achievement for a while. Real Madrid always think they can win and, of course, it is a goal for all of us."
However, the Portugal international thinks that los Blancos have a great chance of winning the competition this season and hopes head coach Carlo Ancelotti can lift the trophy for a fifth time in his career.
"I am convinced that this year maybe we win," Ronaldo added. "We have a great team, a great coach in Carlo Ancelotti, who we got lucky getting. Hopefully he proves he can win it with us also."
Ronaldo begins his three-match suspension on Saturday as Real Madrid hosts Villarreal in the knowledge that victory could temporarily see the club leapfrog La Liga leader Atletico Madrid and second-placed Barcelona.
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