The Dutch midfielder believes that the San Siro club are in contention for the prestigious title if the squad stay injury-free until the end of the season
The Serie A champions have one foot in the quarter-finals of the competition after thrashing Arsenal 4-0 at San Siro on Wednesday.
Milan have been hit by several injuries this season, but Emanuelson says that his club are strong contenders for the European title if they have a fully fit squad.
"We played wonderfully tonight, and Ibra was amazing," he told Goal.com. "Everyone talks about Barcelona and Madrid, but if we always play like tonight we could win this competition.
"You have to consider that we still have a lot of injuries. Look what [Kevin-Prince] Boateng did after just coming back – that speaks volumes.
"When everyone is available for selection, I am sure we can win the Champions League."
Milan visit Arsenal on March 6 in the second leg of the tie.