The 29-year-old, who rejoined the club on a free transfer in August, says the €47 million capture of Mesut Ozil is proof that the club are ready to challenge on multiple fronts
The Frenchman was a member of the last Arsenal squad to win a trophy, as the Gunners beat Manchester United on penalties in the 2005 FA Cup final.
Following his return to the Emirates Stadium, Flamini says the club's wait for silverware has gone on "too long" and believes the signing of Mesut Ozil shows the club are ready to compete for the title.
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"[We want] to fight for the title and compete in the Champions League. We want to win trophies. The club has waited for them for too long.
"We have the means to compete for the title, even if we are outsiders, not favourites, like in 2007-08.
"That is my motivation. I want to write another beautiful story with Arsenal."
Flamini feels he has "unfinished business" at Arsenal, after going close to winning the Premier League and Champions League in the past.
"When I say that, I am thinking of the Champions League final loss in Paris to Barcelona in 2006," the 29-year-old continued.
"And in my last season we led the table until we collapsed after the match at Birmingham when Eduardo was injured.
"They were four years of great moments and strong regrets [at Arsenal], because there is a feeling of not finishing the job."