The clash against the Serbians at Emirates Stadium should have been inconsequential, but successive away defeats have left Arsenal needing to beat the Group H whipping boys to ensure qualification.
Belgrade have yet to pick up a point from five matches, with their only goal coming in a 3-1 home defeat against the Gunners on Matchday 2 during September.
However, Stanojevic believes his young team can upset the odds and prevent Arsenal running up another big European scoreline.
"We will try to play our best, to score and not to let in too many goals, to try to achieve a positive result," he said.
"We will be really happy if we cannot lose like Braga or Shakhtar "This is our last match in the Champions League and we have nothing to lose, so we will try to get the first point."
Stanojevic continued: "It is a big honour to play against Arsenal, in what is such an important match for the hosts.
"I am sorry we are already out from the competition, but we will still try to play our best.
"This has been a very succesful season for us and is our last match in the Champions League, and so we hope to have a good game."
Arsenal went top of the Premier League after they beat Fulham on Saturday.
However, the Gunners have been criticised for a lack of steel at the heart of their backline.
Stanojevic, though, is more concerned about Arsenal's threat at the other end.
"We know Arsenal have some problems in defence, but they also play very offensively and like to attack a lot," he said. "For us, we have to defend their counter attacks, and also try to get behind their defence.
"We did this in the first match in Belgrade and were really dangerous, but when you play against a team which lots of attacking players, it is difficult."
Stanojevic maintained: "We are not afraid of any individual players, but we can see Samir Nasri is in good form, Andrey Arshavin is always dangerous.
"The whole team is very compact and Arsenal always play with a good spirit."
Veteran captain Mladen Krstajic intends to enjoy the occasion.
The 36-year-old Serbian defender said: "It will be a tough match. Arsenal are favourites, but we are here to play our best and give our maximum to leave a positive impression."