"Last year we missed out in the Semi-Final," the 22-year-old told arsenal.com. "But we know we can go far this time because we have learned from last season.
"This year we are confident, we have grown and I hope we can go very far."
Arsenal are already well-placed to qualify from Group H having picked up six points from their opening two games, and Song knows the win against Olympiacos on Tuesday was vital.
"The game was very important for us," he said. "We won the first match so we needed to do a good job at home. We knew if we won we would go top of the group."