The Blues are set to return to Champions League action next season after missing out due to their 10th place finish in the 2015/2016 season.
With no European football this past season, Chelsea greatly benefited with less fixture congestion and more rest for their players as they comfortably sealed a second league title in three years.
And Hazard, who played a key role this season with 16 league goals, claims that while the London club can compete in Europe, some new signings could really take them to the next level.
"The Champions League is a very difficult competition with many good teams who are capable of reaching the semi-finals and the final," Hazard said, as quoted on Chelsea's official website. "You never know, but if we continue with the way we've been playing this season we can go far."
"Maybe with a couple of new players to take the level even higher we can do well, but it's not just about quality, you also need a bit of luck."
However, after stating that he will be staying at Stamford Bridge for another couple of years, Hazard reiterated his desire to remain with the club.
'I've spent five years here, I know everything about the club," he added. "Even if I'm still only 26 I have a lot of experience now. I started playing at 16 in France so I've been professional for 10 years."
"I like it here because it's a family club. I have a lot of friends and we all talk to each other. In terms of games and experience I'm one of the oldest players and that's good.
"This is my second home and I'm happy at Chelsea. I just want to keep going, maintain this intensity and continue to win trophies."