The Gunners beat Everton 4-1 at the Emirates Stadium on Saturday to book a semi-final date against Wigan at Wembley, which keeps alive a shot at a first trophy since 2005.
Before then, though, Arsene Wenger's side head into a run of fixtures which will first decide their European fate and then also if they can remain in the Barclays Premier League title hunt with away games at Tottenham and Chelsea before hosting Manchester City on March 29.
Munich lead 2-0 from their Champions League second round first leg in London last month, and on Saturday set a new Bundesliga record of 16 consecutive wins as they romped to a 6-1 triumph at Wolfsburg, Pep Guardiola's side moving some 20 points ahead of nearest rivals Borussia Dortmund with 10 games left.
Arsenal are without England midfielder Jack Wilshere for at least six weeks because of a broken foot, while goalkeeper Wojciech Szczesny is suspended following his red card in the first leg.
Nevertheless, midfielder Oxlade-Chamberlain insists there is still life left in the tie, as Arsenal aim to repeat last season's 2-0 victory at the Allianz Arena, which saw them bow out only on away goals.
"Yes, 100 per cent (we can do it). Last season we went there 3-1 down - everyone wrote us off, but we managed to get a good 2-0 win there," he said.
"We will be feeling we can take from that, and from Saturday's performance.
"In football a lot of things can happen. We are top side, they will know the job is not done and we know the job is not done."
Oxlade-Chamberlain feels the trip to Wembley can lift the whole club as they aim to return on May 17.
"You watch FA Cup games at Wembley when you are growing up and that's where you want to be," Oxlade-Chamberlain said.
"As a professional and as a winner you always want to win things, that goes for every member of our team.
"There is no doubt it (Arsenal's trophy drought) is in the back of your mind because all you want to do is win.
"This is an opportunity for us, we are one step closer, but we can't get carried away and look to the end goal yet, we need to get through to a tough semi - and even before that we have hard games."
Oxlade-Chamberlain was substituted towards the end of Saturday's match as he continues his reintegration following five-months out with a knee injury.
The 20-year-old World Cup hopeful said: "I feel sharp, like I am there or thereabouts, but with every game that I play, my fitness will only improve so that is a good thing.
"But whether I will be more fresh at the back end of the season (at the World Cup), I can't say."
Oxlade-Chamberlain has passed on his support for Wilshere.
"I was gutted for him, we all were, particularly with the luck he has had with injuries," he said.
"He seems like he was positive about it, and that's the only thing he can be.
"Jack was out so long with his ankle (injury) before and the professionalism he showed through that tough time, so if anyone can bounce back in time for the World Cup then it is him."