The Ivorian has not been impressed with Barcelona and Real Madrid and believes the North London giants can replicate Chelsea's success from last season and walk away with the trophy at Wembley in May.
The Gunners have already qualified for the knockout stages of Europe's elite competition, but they travel to Greece hoping to collect three points against Olympiakos which would see them finish top of Group B.
And Gervinho told the People: "I don't think Barcelona and Real Madrid have been at their best this season.
"Chelsea are not through yet and Manchester United have had to work hard to win their games too. There is no big favourite.
"You have to expect the unexpected this season once again. You cannot underestimate anyone going into the last 16.
"One of the objectives of the club is to win the Champions League. We will do anything we can to do it."