The Glovers host Exeter City on Tuesday night (7.45pm) to kick-off the group stages which Town have topped for the past two seasons.
Reaching the final four in 2017/18 before a narrow 1-0 defeat to League One outfit Shrewsbury Town, Mugabi is looking for another strong cup run.
“We were very, very close to Wembley,” he said. “It just wasn’t meant to be but hopefully this year we can get to Wembley and that’s what it’s all about – getting into finals and winning trophies.
“Every competition is a chance to win silverware for any club so the gaffer takes every competition seriously and we have to ready to compete at the highest level we can.
“There’s no reason why we can’t have another cup run. We did pretty well last season so we have to replicate that again.”
The Uganda international helped the green and whites move five unbeaten with a 1-0 win at Grimsby Town on Saturday coming into the cup clash with the Grecians.
With competition for places fierce, the former Southampton defender is looking to carry on his run in the side.
“I’m going to train my hardest, work my socks off in training and when I get opportunities in matches, take them with both hands.
“Everyone is fighting for their spot in the starting eleven every day and I would say, for me personally, this is the best Yeovil squad I’ve been involved in.
“The game against Exeter will be intense, but we have to focus on what we have to do and our performance and I’m sure we’ll come through with a result.”
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