The Irish province will begin their 2014/15 season against Newport Gwent Dragons at home on 6 September, knowing a strong year could secure them a place at Europe's top table.
Pat Lam's side missed out on the inaugural European Rugby Champions Cup this year by finishing a disappointing tenth in last year's PRO12 competition.
But their reappointed captain insists the change in qualification criteria will motivate his team to achieve the required top-seven finish or at least secure a play-off spot should they finish eighth or ninth.
"Our plan is to be in the top tier of Europe," Muldoon told RTÉ Sport.
"We've a couple of good fixtures in the European Rugby Challenge Cup but ultimately we want to dine at the top table.
"It's a great competition where we've had - I won't say great success - but mild success over the last couple of years (in the Heineken Cup).
"The fact that we can get there on merit as opposed to other years is a great incentive for us."
Connacht failed to reach the quarter-finals in any of their three Heineken Cup campaigns but recorded an outstanding 16-14 away victory over Toulouse last year.
And the veteran back rower believes such a high-profile win has whetted the appetite of everyone connected with the club for future elite European competition.
"The players and the fans have bought into it massively," added Muldoon.
"That's where we want to be. That'll be our ultimate goal to try and get back in there. It won't be easy but it is certainly a great target for us."
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