The Chilean guided the Blues to the Premier League and League Cup double last season - his first campaign in English football.
When asked if he was likely to improve his squad before the start of next season, the 60-year-old told the club's official website: "Maybe. Maybe we are going to see what is the best way to improve.
"I think one of the most important things for me is to have an ambitious mind.
"It's very important to win titles. We have already won titles but we must analyse all the good things we did, the bad things and where we must improve."
City are among a number of clubs who are reportedly interested in signing Chelsea defender Ashley Cole.