Les Rouges et Blancs produced a stunning upset to claim the French title last season but have since lost Kylian Mbappe to PSG, while Tiemoue Bakayoko, Benjamin Mendy and Bernardo Silva also moved on over the summer.
However, Jovetic believes the squad at the Stade Louis II is still strong enough to launch a successful title defence.
“We will see, but I think we can compete with them,” he told Goal when asked about Monaco’s ability to challenge PSG.
The Montenegrin moved to Monaco from Inter Milan on deadline day and Mbappe departed shortly after.
Jovetic stressed he does not view himself as a replacement for the France international but he is confident he can impress for his new side and is relishing the prospect of playing alongside Radamel Falcao.
He said: “I did not come here to replace anyone. I just want to give my best and help my team.
“I do not want to be compared to someone else. I just want to be me, enjoy the game, be happy and score goals. That’s my only goal.”
He added: “We have great players and they are all really good so we’ll see. It’s up to the coach to make the choice but I think I can play with everybody.
“Falcao? Yes. Radamel is a top player, he scores many goals and is in great shape. I’ll be glad to play with him.”
Watford boss Javi Gracia does not think Abdoulaye Doucoure's form will be affected by his omission from France's latest squad.