The Gunners face the Serie A leaders at the Emirates after being completely outplayed two weeks ago in the first-leg of their last 16 tie and have an uphill struggle to get back in the game.
"The whole team was quite hurt by the first leg. This gives us a great opportunity to get a sense of pride back," Gibbs told the Mirror.
"You don't like to accept getting beaten 4-0 in the Champions League. We are looking to restore that pride overall.
"A defeat like that, and the following one at Sunderland, can knock you a bit. We have shown fantastic mentality to come back in the last couple of games and have created a momentum now and would like to continue that.
"We have to believe otherwise there is no point in being here. If they can beat us 4-0, then why can't we do the same?"
Since tasting defeat at Milan, as well as in the FA Cup against Sunderland, Arsenal have comeback to beat north London rivals Tottenham and fellow Champions League hopefuls Liverpool, instilling some much needed confidence in a side that has failed to gain consistency all season.
Gibbs believes that their 5-2 win over Spurs can give them the confidence boost required to get a foothold in the tie against the Rossoneri and restore some pride.
"In our last home game, against Spurs, we scored five goals," the 22-year-old continued.
"We have to create a faultless performance and get a good balance between attacking and defending."