The French outfit have made steady progress since returning to the grid and Hulkenberg believes the team is going places after agreeing to join from Force India.
The German feels Renault can rediscover their glory days, having won the Constructors’ Championship in 2005 and 2006, but he admits it will take time.
Hulkenberg has warned against expecting too much, too soon but insists they can eventually start pushing for titles.
"Renault has proved in the past what they can do," Hulkenberg said.
"They have become world champions several times so when the project was presented to me, it was a clear decision to take."
Renault will seek to move up the grid this season although Hulkenberg has already warned that scoring points consistently is a tall order, let alone winning.
"What can I do? Turn this project into a success story," he added. "This year we can't expect miracles, and anyone who does fails to understand this sport. But I hope that we can be at the front of the midfield this year, and from 2019 - in two or three years - I want to be ready for the title."