The Welsh international could have played in the Champions League with Everton this season, however turned down a move to last season's surprise team to join up with Hughes and his team at Ewood Park.
And Bellamy feels his new club are capable of grabbing fourth place in the Premiership despite their lack of goals and struggle last season.
Bellamy said: "I want to play in the Champions League. I want to play in Europe and I bet everyone here does as well.
"If I can do that with Blackburn then we've both won.
"We can certainly get into Europe, everything is so wide open from the bottom place to fourth spot that anyone can get it."