The Gunners need to overcome a 2-0 deficit from the first leg of their last-16 tie with Bayern Munich in order to progress to the quarter-finals of the European Cup.
Such a task would be tough in any circumstances, but with Bayern enjoying an outstanding season which has seen them go unbeaten in the league thus far, many have already written off Arsenal.
However, having beaten the Bavarians 2-0 on home soil last season and entering the clash on the back of a 4-1 win over Everton in the FA Cup, Oxlade-Chamberlain says that they have all the belief they need to overcome the odds.
“Yes, 100 per cent (we can do it). Last season we went there 3-1 down – everyone wrote us off, but we managed to get a good 2-0 win there,” said the England international.
“We will be feeling we can take from that, and from Saturday’s performance.
“In football a lot of things can happen. We are top side, they will know the job is not done and we know the job is not done.”
The 20-year-old believes that the prospect of a trip to Wembley for the FA Cup semi-final will come as a boost to the club as they enter the business end of the season.
“You watch FA Cup games at Wembley when you are growing up and that’s where you want to be,” he said.
“As a professional and as a winner you always want to win things, that goes for every member of our team.
“There is no doubt it (Arsenal’s trophy drought) is in the back of your mind because all you want to do is win.
“This is an opportunity for us, we are one step closer, but we can’t get carried away and look to the end goal yet, we need to get through to a tough semi – and even before that we have hard games.”