The Blues last lifted the trophy in 2011, beating Stoke City in the final and ending a 34-year wait for major silverware.
We get our latest campaign underway on Sunday when Rotherham visit the Etihad Stadium and Foden, a lifelong City fan, admits it would be a dream to go all the way.
“We’re fighting for all competitions,” Foden said. “It’d be special to win, we’re gonna try our best and see what we can do.”
Rotherham are currently 21st in the Championship table and come into the game on a run of one win in 10.
On paper, it looks to be a straightforward draw for City – but Rotherham are known for being a well-drilled outfit under manager Paul Warne who make it difficult for sides to play against them.
Foden is aware of their approach and believes patience will be key if City are to move through to the fourth round.
“When you play teams outside the Premier League, they always want to show what they can do, especially playing Man City,” he said.
“They’ll come to the game, want to win and they’ll want to play their best. We have to take the game seriously, not get carried away, do what we do normally do.
“They might have a game plan where they put five at the back and get men behind the ball – that’s something we’ll have to adapt to.
“We need to keep the ball, be patient and try to break them down.
“It won’t be an easy game by any means but we’re more than capable of winning, so let’s get the job done.”
Foden has played 15 times for City this season and continues to impress with his ability and composure on the ball.
And his form was rewarded when he signed a new five-and-a-half-year extension to his current contract in December.
He says he’s delighted with his progress but admits there’s plenty of scope for improvement.
“Every time I play for City, I enjoy it,” he said. “I try and take every opportunity.
“I think I’ve been doing quite well. I’m still learning and trying to improve.
“I try and get better every day – in all my game, not just one area.
“I’m still young and need to learn so much.”