The Serie A runners-up will face Zenit St Petersburg, Anderlecht and Malaga in the group stage of Europe's elite club competition.
And Allegri talked up his team's chances of progressing to the knockout stages after Thursday's draw in Monaco.
"Compared to the last two seasons, there is one very strong team, but three teams where all things are equal," Allegri told Tuttosport.
"Surely a group like this is winnable - our goal is first place to give us a better draw in the second round."
Milan's Dutch utility man Urby Emanuelson was also optimistic.
"We avoided the group of death. For us, Zenit, Anderlecht and Malaga," Emanuelson wrote on Twitter.
Milan start their European campaign at home to Anderlecht on September 18.