The La Liga side are currently third in Group E, three points behind leaders Chelsea and one adrift of Bayer Leverkusen, who meet at the BayArena on Wednesday.
Should Chelsea and Valencia both win, the former would progress from the group while the latter would need a point from the final game between the pair at Stamford Bridge next month to pip Leverkusen thanks to a superior head-to-head record.
Unai Emery's side were knocked out in the round of 16 last year by Schalke but not only are they looking to move out of the group stage, Valencia are looking to go all the way.
Midfielder Pablo Hernandez told uefa.com: "We would like to improve on last year.
"We know it is difficult to win the Champions League because there are great teams involved but you have to dream.
"If you abandon your dreams and settle for a little then you will never achieve all you can. You have to fight hard."
Valencia are currently third in La Liga behind Real Madrid and Barcelona, an achievement especially notable given that since summer 2010 they have been forced to sell the likes of David Silva, David Villa and Juan Mata.
Losing such players would affect most teams but for Hernandez the club are instead planning for the future recruiting those with "a lot of quality and desire".
He also praised Emery, saying: "He works well; he's a very hard-working coach and nobody can criticise him."
For Genk, their European campaign is all but over as they sit rooted to the bottom of the group with just two points albeit those having come from impressive draws with Valencia and Chelsea.
Coach Mario Been is determined his side will appreciate playing the likes of Los Che before they await the visit of Bayer Leverkusen in the final game.
He told krcgenk.be: "If we lose it's over, we know.
"We still have a beautiful home game against Leverkusen too but we cannot travel to Valencia with that thought.
"They are a very good footballing team and (Roberto) Soldado is dangerous.
"They had a tough match against Real Madrid last weekend.
"But we have to enjoy these games - beforehand, these are the teams that will continue in the Champions League but you never know."