They finished ninth in Serie A last season and their goalkeeper believes that the days of their 2010 treble are long gone.
He also revealed that a move to Barcelona was never really on the cards, despite speculation this summer.
"We should no longer think of ourselves as the superpower from before. We should not kid ourselves," Handanovic told La Gazzetta dello Sport. "This is simply the situation as it is.
"[Barca speculation] was mainly paper talk and I don't care much about rumours."
Inter begin the new season against Genoa on August 25.