Following the disappointment of an opening-day 3-1 home defeat by Aston Villa, Wenger has since guided Arsenal into the group stage of the Champions League, secured a record £43million signing of Mesut Ozil from Real Madrid and taken his men to the top of the table, while on Wednesday the next generation came through a penalty shoot-out in the Capital One Cup at West Brom.
The Frenchman, who will turn 64 next month, has received the full backing of owner Stan Kroenke as his young team look to land a first trophy since the 2005 FA Cup with Arsenal embarking on what they hope will be a new chapter backed by increased financial resources.
Wenger remains relaxed about his own long-term future, but made it clear he would have no issue with signing on again for the Gunners, with his current contract set to expire next summer.
As such, everything appears to point to a new dawn at the north London club - one which is welcome for the long-serving manager who in recent campaigns has seen his every move subject of severe scrutiny.
"What is important is that level of expectation is high. In recent years, because we have lost players we had to face a lower level of expectation and that was quite hard for me," Wenger said.
"Everybody needs that (expectation), but believe me I have worked harder in the last four or five years, against scepticism, against players moving out. It was very difficult.
"It is more difficult to raise enthusiasm behind the team because the belief is not completely there, but the fact that the level of expectation being high is a good sign because it means people think you have a good chance.
"The target of any team is to win it all, but I don't think any team in England can say 'we are going to win it all'. The competition is so open, so tight, it could be down to injuries or even goal difference. It is the most open season for a while.
"At the moment, if I tell you we cannot do it then you will tell me I am completely stupid. It will be down to consistency, getting the injured players back and then I believe we have a good chance, of course."
Wenger continued: "Until 2005 we were a team who could compete every year to win the championship. When we moved into the new stadium, it is not a coincidence that suddenly we were a bit (less competitive). Even if some seasons were close to winning the championship, we couldn't win it. Maybe we missed that little bit of experience and quality that makes the difference in April.
"Let's see. I think if we are in April this time competing for the championship, we will be in a much stronger position than the years before."
Wenger is in no doubt he was right to turn down the likes of Bayern Munich, Real Madrid, Paris St Germain and even the England job to stay on as Arsenal manager for 17 years.
The French coach insists his focus will always be on whether he can achieve the best possible output from the squad.
"What is a good manager theoretically? It is a manager who takes the maximum out of the players he has. How can you measure that? Nobody has been able to do that. It is common sense and the assessment of you with your honest performance at the end of the season," Wenger said.
"I am very hard on myself.
"There are three types of people. Those that are always happy with what they do and never assess well what they have done; those that know no matter what they do, they will say 'I am crap, I am rubbish', they are never happy with what they do anyway, no matter how good it is; then you have those who have a fair assessment of their performance, but are a bit harsh with themselves.
"We just want to do as well as we can and win something this year."