The Gunners reached the final in 2006, when they lost to Barcelona, but have failed to progress beyond the last 16 in the last six seasons.
Wenger, who has entered the last year of his contract at the Emirates Stadium, is under particular pressure to mount a serious challenge for the latter stages as question marks remain over his long-term future.
And, though the 66-year-old says his personal circumstances have no bearing on their aims for this term, he is keen to see his side produce some of their best football against the continent's elite.