The 27-year-old, who signed a four-year deal with the German club earlier in the summer, says that he hopes Schalke can compete every season.
"I want to play for first place all the time over the next four years," Bild quotes Farfan as saying.
"We have a very good team - one that could even win the championship this season. At the very least, we should return to the Champions League."
Farfan has played for Schalke since signing for the club in 2008.