The Gunners' impressive start to the season was checked by defeat to Roberto Di Matteo's side on Saturday, but the former Charlton man is eyeing success this term.
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Arsenal have had a much-publicised seven-year trophy drought but insists the north Londoners can win Europe's top trophy, if they maintain their focus.
"If Chelsea can do it, then we can do it," he told Arsenal's official website. "There's nothing stopping us going all the way.
"We've just got to make sure we perform to how we can do in this competition and I believe if we do, we will progress.
"In this competition you've just got to take it game by game and just focus on it that way. I think that's the best way to go about things."