The Gunners are among the favorites for the competition this season, despite last reaching a final in 2006.
However, Arteta knows they have a long way to go this term, especially given the expanded group stage.
He told reporters: “I have been lucky enough to win a lot of trophies in my career, with the national team as well, I know the feeling and it’s something that you cannot compare with anything else.
“Knowing what this club is about and how big winning trophies is in general, winning the Champions League here would be amazing.
“Obviously, there is still a long way to go to achieve that. But I think we have the basics, we have the players, we have the mentality and that has to be the ultimate goal so hopefully we can start by winning tomorrow and keep on growing and building up for when the stakes are the final, hopefully.”
On what he brings to the club, he added: “I think we have a pretty complete team, a pretty complete coaching staff as well, they all have that winning mentality as well. They might not have the experience yet because we have a really really young team.
“Luckily, I’ve had some experiences where I won. So the experience when you have the moment of truth, when you’re in the final or semi-finals, to be able to keep that mentality, to keep that calmness and try to do whatever you’re doing on a daily basis that has made you get to that stage.”