The Gunners have failed to go beyond the last 16 in the past six seasons, falling to Bayern at that stage in the 2012-13 and 2013-14 European campaigns, and were handed the unkind draw despite topping their group.
Arsenal also faced the German champions in the group stages last season, where they suffered a 5-1 battering at the Allianz Arena, and have won just two of the past six meetings between the teams.
Manager Arsene Wenger has faced growing scrutiny during another faltering bid for the Premier League title, albeit they beat Hull City 2-0 on Saturday.
But England midfielder Oxlade-Chamberlain believes Arsenal have the talent to defeat Carlo Ancelotti's side and sees the Bayern tie as the perfect opportunity to improve the mood at Emirates Stadium.
"You don't look into history too much," he told reporters. "It is just two games against a very good side.
"But we are also a very good side. We have to make sure we play well on the day because we are going to have to if we are going to beat Bayern Munich. It is as simple as that.
"If you're going to win the Champions League you are going to have to beat Bayern Munich. We have had a lot of experiences against them in the competition.
"It is a massive opportunity for us to go far in the Champions League. We know that we can change some of the negative feelings around because of what's going on in the Premier League at the moment.
"You are going to have to beat Bayern and the other best teams in Europe to win the competition. So I don't know if you can get an easy game at this stage.
"You just have to take what you have got, take it in your stride and go for it."
Arsenal travel to Munich for the first leg on Wednesday, with the return tie scheduled to take place in London on March 7.