The North London club have reached the final just once during Wenger's 17-year reign, losing 2-1 against Barcelona in 2006, but have started this campaign in spectacular form and top Group F following wins over Marseille and Napoli.
The Gunners, sitting atop the Premier League table, have been knocked out in the Last 16 in their previous three European campaigns, but the Frenchman has renewed faith that his side can progress deep into the competition.
|16/1||Arsenal are 16/1 with BetVictor to win the Champions League
“We were a bit unlucky with draws in the last five or six years because we often came up against Barcelona, Bayern Munich or AC Milan, and it was very tight.
“Hopefully this season we'll progress to the quarters, semi-final or even final; why not?”
Wenger has never won a European title with Arsenal and while he is still frustrated by conceding the lead late on against Barcelona seven years ago, he acknowledged the many scalps the Gunners claimed on their way to the final.
“That season we got to the final without losing a game and without conceding a goal,” Wenger continued.
“We basically lost the European cup in the last 13 minutes playing with ten men. The biggest regret was losing having played so well with ten men.
“In that season, we knocked out Real Madrid, with the likes of [Zinedine] Zidane and [David] Beckham, and Juventus, before facing Barcelona in the final.”