City's start to the season has been far from spectacular as they sit sixth in the Premier League but the Argentina ace says they are well placed to mount a push for honours on four fronts.
Zabaleta believes the squad boss Manuel Pellegrini has assembled over the summer is even better than the one that won the title in 2012.
"We have a better squad now than when we won the title in 2012," Zabaleta said. "Some big players have left, but some big players have arrived. It feels now like we have at least two top players for every single position in the team. I think the balance we have is very good.
"The manager has a lot of options. The new signings have all brought something different. Negredo, Navas and Fernandinho have settled in very quickly and have already had a big impact. Jovetic and Demichelis haven't played a lot of games yet, but they will get their chance."
When asked about the club's push for silverware this season, Zabaleta says they are gunning for glory in all four competitions, even though the Premier League and Champions League take priority.
"The manager told us that this time we must aim to win all four competitions," Zabaleta told The Mirror.
"The Premier League and the Champions League are the most important options for every team, but he is also serious about winning the FA Cup and the Capital One Cup. It's what you should be aiming for when you want to be the best."