Arsenal reclaimed first place in the Premier League with a win over Crystal Palace at the weekend but City will move top again if they can extend their perfect record at the Etihad Stadium by beating Jose Mourinho's men.
A victory would lift City just a point ahead of Arsenal but six clear of Chelsea and, while Jovetic acknowledges that there is still a long way to go, he feels such a result would provide a vital boost.
City are still in the hunt for an unprecedented Quadruple, and Jovetic is hopeful they can claim at least two pieces of silverware.
"It is a very, very important game," Jovetic, who scored his first Premier League goal in the 5-1 success at Tottenham Hotspur, told Sky Sports News.
"I don't think the game can decide the championship but it is very important because Chelsea are behind Arsenal and if we win we will have six points more.
"We have a lot of other games and are now playing for four trophies. I hope we will win two or more. I think we need to win that."
City have scored 42 goals in 11 home league games this season, but full-back Pablo Zabaleta insists it has still been difficult to face teams that adopt a defensive approach.
Mourinho has stated that Chelsea will try to win Monday's game, although they are also sure to be strong at the back and Zabaleta is ready for a tough game.
"Chelsea have some good players and one of the best defensive records in the league, so we'll need to move the ball quickly when we attack and try to break," said Zabaleta in The Sun.
"It is hard sometimes to play against sides that come to defend.
"But it's something we have to be ready for because everyone knows how strong we've been at the Etihad.
"Some teams may come and defend for 90 minutes but it's up to us to figure out a way through."
Watch Man City v Chelsea on Monday Night Football on Sky Sports 1HD, kicking off at 8pm