Arsenal progressed to the semi-finals of the Europa League, where they drew Atletico Madrid, on Thursday after claiming a 6-3 win over CSKA Moscow on aggregate.
Although Atletico were beaten by Sporting Lisbon in the return leg, Diego Simeone's side made it to the last remaining four with a 2-1 victory over both legs.
Speaking to 'The Debate', Dennis Wise said: ''If they [Arsenal] get past Atletico I think they have a really good chance of winning this. Everyone at the start of it would've picked Arsenal out and said they were the team to beat and they have been.''
Wise also admitted: ''They shook a little bit the other day [against CSKA] and there was a little bit of a sticky period. That's Arsenal for you. On their day they can go and play exceptionally well.''
The former England international also added: ''The interesting thing about this is Arsenal as a football club. Arsene Wenger always seems to get himself into some situation where they don't know what to do.''
He finished by saying: ''You can actually see them winning and getting through to the Champions League and then the Arsenal fans questioning what they do next. He [Wenger] has done an unbelievable job and it'll be interesting to see how Arsenal pans out.''