The Gunners finished top of their group after beating Basel on matchday six, while rivals Paris Saint-Germain dropped two points against Ludogorets.
Arsenal will now face a second-placed team in the first knockout round, with Madrid and Bayern Munich among their potential opponents.
But Wenger says Arsenal fear no-one.
"You look at the teams we can get, some look more prestigious, more difficult, and you would like me to say 'I don't want this team or that team' but that would put us already in an inferior position if it happens," Wenger said at a news conference.
"You can take Real Madrid, one of the favourites to win the competition, even against them we will have a chance of qualifying.
"Another inconvenient fact for us, we have not qualified for the last six years for the quarter-finals. That will be a huge challenge for my group and they will relish that."
Arsenal turn their attention to the Premier League again after their win over Basel, the Emirates Stadium side sitting second in the table after 14 matches, and Wenger is optimistic about his side's chances of battling for the title.
"I believe we have a good team dynamic and a very strong team spirit," he added ahead of this weekend's clash with Stoke.
"We are more mature than in previous years. Unfortunately, the same goes for the other teams. The Premier League is very open and interesting, there are a lot of good teams.
"We are in the middle of the fight for the title. We have a chance. December is an important month, we have some big games coming up. I am happy with the way we behave and our desire."
Source: uk.yahoo.com
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