Arsenal will now be drawn against one of the Champions League group winners next Friday - which include Juventus, Bayern Munich, Barcelona and Roma, who claimed top spot ahead of Chelsea - while they also must play the second leg away from home.
However, Wenger maintains the Gunners - who knocked holders AC Milan out in the second round last season, not to mention claiming wins over both Real Madrid and Juventus en route to the 2006 Champions League final - have nothing to fear.
He said: "We can fight with everybody in Europe and can qualify against anybody.
"It is important now to come back in the championship and be in a good position. We now have some time to focus on that.
"We will see who we get in the draw, and then look at the Champions League again in February."
Wenger feels Arsenal play better against the so-called bigger clubs, but he maintained: "Let's first wait to see who we get.
"It is difficult to have any speculation now."