Ajax Amsterdam, in 1969, were the last team in the European Cup, excluding qualifiers, to overturn a two-goal margin after losing the first leg at home.
"Monaco is in a very strong position, but we have experience, the desire and the belief we can do it, so let's give everything to do it," Wenger told a news conference.
"We want to give everything to have the greatest performance on the pitch. If we did not believe we could do it, we would not be here."
Defender Per Mertesacker added: "We have to show a different face, but you need to embrace challenge. "They have a good side but we are confident and we want to put things right.
"We are coming out of a great week, with two important wins and we have a good level of confidence."
Since their dismal performance in the home leg on Feb. 25 Arsenal have won four successive games, including an impressive FA Cup quarter-final victory over Manchester United at Old Trafford.
Arsenal have travelled without injured winger Alex-Oxlade Chamberlain and the ill Tomas Rosicky but Brazilian defender Gabriel, who has missed the last two games with a hamstring strain, has made the trip to the south of France.
(Writing by Justin Palmer; editing by Pritha Sarkar)
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