The Senegal international, 33, has joined the club on an initial short-term contract until January and could make his debut against Sheffield United on Saturday.
Simon Grayson's men have made a promising start to the season and Faye feels they have the ability to go all the way.
He told the club's official website: "We have a good squad here who are looking forward to being the best, and we can have a chance.
"They're good lads here and there are some good young players. You never know what will happen over the next seven or eight months. No team can be sure.
"This is a big club with big fans and this is what I need. The city and the fans need Premier League football and I think this team can be at the top again."
Source: PA
Source: PA