Last season, PSG clinched their first French league title since 1994 and reached the quarter-finals in Europe's premium club competition.
That was before they added Uruguay striker Edinson Cavani, Brazilian centre back Marquinhos and French full back prospect Lucas Digne to a star-studded squad already featuring the likes of Zlatan Ibrahimovic, Ezequiel Lavezzi, Javier Pastore, Lucas and Thiago Silva.
"Paris can win it like Chelsea did it when they were least expected to," Blanc, who took over from the departing Carlo Ancelotti in June, told French daily Le Parisien on Thursday.
"It all depends on the draw, the pot, the players in form at that time... I prefer to say that Paris has the potential to win the Champions League," the former France coach added.
"We want to do at least as well as last season."
PSG start their Ligue 1 campaign on Friday with a trip to Montpellier but Cavani, who joined from Napoli for a French record 64 million euro ($85.24 million) fee, is doubtful because he is not yet fully fit. ($1 = 0.7508 euros)
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