The Gunners have already secured the Premier League title and now face Paris Saint-Germain in Saturday's final, with the French side entering the match as reigning European champions. Arsenal, however, arrive full of confidence after their domestic triumph.
Former Arsenal defender Martin Keown believes victory in Europe would see the current squad surpass Arsene Wenger's legendary "Invincibles", who won the Premier League unbeaten 22 years ago. That campaign remains one of the club's most celebrated achievements.
Keown, who played under Wenger during Arsenal's successful 1998, 2002 and 2004 seasons, said Arteta's side would become the club's "number ones" if they defeat PSG and finally lift the trophy.
"They'll be the first ever winners of the Champions League, so for me, they're the 'Number Ones', not the 'Unforgettables' (as Thierry Henry claimed) or the 'Invincibles', they're the 'Number Ones'," said Keown. "And it puts them there because no-one else has won it.
"Arsenal have been disappointing in Europe. There was a Cup Winners' Cup competition that fell through our hands in 1995. The UEFA Cup in 2000 as well, with Galatasaray beating us on penalties. So, the club needs to do something major in Europe.
"And Arsenal haven't lost a game yet in this season's Champions League. They must be really proud of that. It can quickly be taken away by the way. But winning would really cement them in folklore at Arsenal and that is a massive incentive for the players.
"And one thing I found as a player is that when you hear Queen's 'We Are The Champions', it does something to you. And you start believing that you can achieve anything."
Arsenal have never won the Champions League in their 140-year history. The club's previous doubles came in 1971, 1998 and 2002, when they won the league and FA Cup.
Gabriel Martinelli has admitted Arsenal's run to the UEFA Champions League final has been one of the biggest moments of his career, as the Brazilian winger prepares for Saturday's showdown with Paris Saint-Germain in Budapest.
Paris Saint-Germain are on the brink of football history as they prepare for the UEFA Champions League final against Arsenal, with manager Luis Enrique leading a side now aiming to defend their crown and cement a new era of dominance in Europe.
Mikel Arteta's transformation of Arsenal was recognised on Tuesday after he was named Premier League Manager of the Season following the club's first league title triumph in 22 years.
Noni Madueke has described an "amazing feeling" after winning his first league title as Arsenal lifted the Premier League trophy following a 2-1 win over Crystal Palace at Selhurst Park on Sunday.
