Tottenham have broken their transfer record twice this summer to sign Roberto Soldado and Paulinho, while Nacer Chadli has also joined to take the club's spending beyond the £50million barrier.
Although the Londoners face the prospect of losing Gareth Bale to Real Madrid or Manchester United, Soldado's presence should give Andre Villas-Boas the 20-goal-a-season striker he missed so badly last campaign.
Soldado scored 20 goals in each of his three seasons at Valencia and King thinks the Spaniard could give Tottenham the edge in the battle for the top four.
"Goals are what we need to make that step into the top four," former Spurs captain King said at the launch of Tottenham Turfies last week.
"It does make a difference. We have top quality strikers. Jermain Defoe is as good a finisher as there is. He can score 20 a season if he plays regularly, but another proven striker who scores 20 a season is going to be great.
"I have been very impressed with all the new signings. I got to see Paulinho in the Confederations Cup and he looked a terrific player. I played against Chadli a couple of times when Spurs played Twente.
"He is really tricky and skilful, I think he is going to surprise a few people in the Premier League. These are top quality players and that was what we were looking for."
Tottenham let a nine-point lead over Arsenal slip last season and they ended up having to settle for Europa League football for the second successive term.
Spurs fans have suffered for 18 long years in their wait to finish above Arsenal, but King thinks this could be the year that they do it.
"I believe the squad we have is strong enough to do it," said King, now a club ambassador for Tottenham.
"There will be a lot of twists, but with the squad we have got and with the new additions we have brought in, I believe that we can do it."
One area in which Tottenham have become weaker this summer is in defence.
Younes Kaboul has only played a limited part in pre-season while Jan Vertonghen suffered an ankle injury in Hong Kong that has made him a doubt for Sunday's opener at Crystal Palace.
Some were surprised, therefore, to see Steven Caulker depart for Cardiff.
The sale of Caulker angered some fans as he was an academy product and, other than King, Tottenham have not produced any regular first-team players from the youth ranks in recent years.
King defended the club over the matter, however.
He said: "I don't think it sends the wrong message. The fans and the club would like their players to come through and obviously be able to stay at the club but it doesn't always work out that way.
"We have seen players come through and leave before and Steven's an ambitious lad, he wants to play. He is not guaranteed first-team football with the calibre of player we have in the squad."