The London club bowed out of the tournament last season, losing on the away goals after drawing 3-3 with eventual champions Bayern Munich over two legs in the round-of-16.
The sides have drawn one another again for a spot in the quarter-finals of the illustrious club competition, and the French tactician said after last year's misfortune – which saw Arsenal win 2-0 in Munich and still bow out –he requested a rule change.
"Certainly yes (Bayern will fear Arsenal)," Wenger said.
"If you look at the last five years we've had Barcelona twice, once Milan, and twice Bayern. So no-one can say we are advantaged by the draw.
"Last year we went out on away goals and after that I asked for UEFA to cancel the away goals."
Wenger said keeping a clean sheet away at the Bundesliga giants meant they were unworthy losers, and he feels the tie-break means home teams will be more cautious defensively.
"I think for example, we lost 3-1 here and won 2-0 at Bayern," Wenger said, alluding to their 2012-13 tie.
"It is difficult to win 2-0 to Bayern without conceding a goal.
"Sometimes I think there is a counter-effect as teams play at home not to concede goals. At home the first thing managers say is let's not concede goals."
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