The Gunners lost 2-0 to the tile-holders in their opening league game on Sunday and will have to bridge a 37-point deficit from last term to finish as champions.
Midfielder Guendouzi was recruited from Lorient for £7 million ($9m) in the summer, one of a number of new signings made by manager Unai Emery ahead of his first season at the Emirates Stadium.
And the Frenchman is confident their fresh-faced squad can have instant success in the Premier League:
“Yes, I believe we can win it this season because of the players and staff we have,” he told the Evening Standard.
“We truly believe and will do everything we can to win as many games as we can and to have a fantastic season. I truly believe we can do it.
“Man City are a top team but there are a lot of top teams in this division because the Premier League is the best league in Europe.
“There are plenty of others but we can be very positive and achieve good things this season. We can win titles because of the environment we have here and the quality of the players at our disposal.”
But he revealed former Arsenal forward Jeremie Aliadiere, who also represented Lorient, helped convince him to sign for the Gunners.
“It’s true there were a lot of clubs interested in me — I had talks with some of the biggest clubs in Europe,” he said. “But as soon as I heard from Arsenal, the decision was very simple and I’m very happy to be here.
“I did speak to Jeremie about Arsenal and he said it’s a place where I can progress and learn a great deal from the staff here.
“It’s the club of my heart. There have been a lot of French players here and Thierry Henry is a symbol in France after his long career here. I used to watch Arsenal games with my father and it has a special place in my heart.”