The Premier League club endured a humiliating 3-1 defeat when the sides met in the first leg of their last 16 clash at Emirates Stadium last month.
No team in the Champions League era has progressed going into the second leg of a tie needing to score more than once away from home to avoid elimination.
Barring this unprecedented comeback, Arsenal will exit at the first knockout round for a fifth consecutive season, but their form since Monaco's triumphant night in London offers plenty of reasons for encouragement.
Danny Welbeck returned to haunt his old club with an FA Cup quarter-final winner at Manchester United on Monday and Saturday's 3-0 derby victory over West Ham United was a fifth consecutive league success that closed Wenger's men to within a point of out-of-form Manchester City in second.
"We now go to Monaco and come out of a big week because we played at Man United, we played a derby," Wenger said. "We need belief to prepare well so let's do that.
"After that we'll see. If you have no belief, you have no chance.
"We have to believe we can do it and give everything.
"We know this time Monaco are favourites so we have to go there, give absolutely everything and come back out of the game with that feeling."
Wenger has a selection quandary in attack, where he must choose between Welbeck and Olivier Giroud in the central striking role.
France international Giroud was the subject of much scorn following a nightmare performance in the first leg, although his goal against West Ham was a sixth in seven outings.
Monaco should be in a similarly buoyant mood to Giroud and Arsenal following a 3-0 Ligue 1 win over nine-man Bastia on Friday, where Anthony Martial bagged a brace.
Leonardo Jardim's men can also be bolstered by a miserly defensive record that saw them keep three clean sheets in their home group matches this season - results that extended an unbeaten European run at the Stade Louis II.
Andrea Raggi (knee) and Tiemoue Bakayoko (hamstring) are both sidelined for the hosts, while Wenger is without Alex Oxlade-Chamberlain due to an ankle problem.
Monaco's Lacina Traore (broken leg) is a long-term absentee, as are Arsenal trio Jack Wilshere, Mikel Arteta (both ankle) and Mathieu Debuchy.
