The Gunners head out to Athens for Tuesday's clash with Olympiacos already through to the last 16 for a 13th consecutive campaign.
However, top spot in Group B is now out of their hands, with leaders Schalke in the driving seat ahead of their game at Montpellier.
Should the Germans win in France, then Arsenal will go into the draw knowing they could come up against one of Europe's leading sides, like they did when tackling Barcelona two seasons ago.
Ivory Coast forward Gervinho feels whatever the outcome, all would not be lost.
"Whether you finish first or second, there will always be some big teams in the next round. If a team has qualified for the last 16, it's because there is a lot quality in it, so the further you go in the competition, the tougher it gets," Gervinho told Arsenal Media.
"Our objective is to finish top of the group, but if we finish second, it won't be the end of the world either."
Gervinho continued: "Look at Real Madrid, they are sure to finish second, so if you win your group, you could still face them in the last 16.
"The most important thing is to be in great form before playing in the knockout stages."
Gervinho maintains Arsenal must first concern themselves with doing their own job in Athens before worrying about what might be going on the compact Stade de la Mosson.
"Anything is possible in football. Montpellier drew in Schalke earlier in the season so they can do it at home," he said. "But if Montpellier win and we don't, it will be pointless anyway, so first of all we need to do our part of the job.
"We will stay focused on ourselves and beating Olympiacos, and then we will have a look at how Montpellier are doing."
Arsenal have faced Olympiacos twice in the previous three seasons, losing each of their ties in Athens.
"Every game in the Champions League is tough, from start to finish. We never think that a game will be easy," said Gervinho.
"It's down to us to start the game well, to control it and finish it well."
While Arsenal may be off the pace in the Premier League, there is a growing feeling they could emulate holders Chelsea and make a real impact in Europe.
Gervinho said: "If we don't have faith, we will never get there. I really believe that everything can happen this year in the competition. There have been teams who won it and no one expected it.
"We are a big club with great players. One of the objectives of the club is to win the Champions League, and we feel we can do it."