Mazembe were eliminated from the group stage of this year's competition, which will witness the final match between Ahli and Coton Sport next week.
"Last year we were eliminated in the semi-finals after spending US$3m", Mazembe's Secretary General Ngoy Sendwe told BBC.
"We realized we would have to nearly double our budget if we are to win the Champions League title next year.
"Most of that sum will be earmarked to buy a foreign coach from Europe and pay him.
"We are also aiming to double the wages of our players."
Despite their high ambitions, Mazembe are likely to lose star man and influential skipper Tresor Mputu as he is targeted by several European clubs.
However, the Congolese champions should benefit financially from the sale of the talented forward, who was also linked with Ahli in the summer.