The Gunners meet the Greek club at the Karaiskakis Stadium in Piraeus in the final Group F match of the 2015/16 European campaign.
A two-goal win, or a scoreline where Arsenal net three times and win by one goal, will see the North Londoners through to the Round of 16 which would result in Olympiakos dropping to third.
The fact they have something enormous to lose may play on the mind of the Greek side and Wenger is hoping to exploit that in what promises to be an extremely tense affair.
"We play against a side that will be motivated but we face that every week," said the Frenchman.
"Against a side that is at the moment qualified but they can lose what they have and that can create a fear factor. The best way for us to achieve it is to believe in our quality.
"Mentally, you prepare yourself to adapt to every situation and give the right response to every situation you face.
"We will have to adapt to what is happening on the pitch and to all of the scenarios."