Arsenal manager Arsene Wenger remains convinced the Gunners can mount a sustained assault on the Champions League once again this season.
The Gunners had to qualify for the lucrative group stages - which kick-off at home to Sevilla on Wednesday night - after another fourth-placed finish in the Premier League last season.
Wenger's men also failed to make an impact on the elite European club competition, being knocked out by PSV Eindhoven in the second round.
After defying the odds to reach the Champions League final in 2006, only to lose to Barcelona after the dismissal of goalkeeper Jens Lehmann, the Arsenal manager is hungry for more European glory and to land the one major trophy which has eluded him.
Despite the summer departure of talisman Thierry Henry to the Nou Camp, the young Gunners have produced some impressive performances during the opening weeks of the new campaign.
Wenger firmly believes the squad will be up to the challenges ahead.
He said: "Two years ago we were very close, just 10 minutes away. Then last year we had a disappointing campaign going out to PSV.
"We want to get back on track, we are convinced we have the potential to do well."
Wenger added: "It will be a guide to see how far we can do because for me Seville are one of the best four or five teams in Europe.
"They look like they can beat anybody. Juande Ramos has brought to Seville a very rigorous and disciplined type of play.
"He can get the maximum out of his players.
"Their game is based around (Fredi) Kanoute, and their right flank with (Daniel) Alves, who Chelsea wanted to buy."
So far, Arsenal have coped admirably without Henry.
Indeed many feel the likes of Cesc Fabregas, Robin van Persie and the rest of the squad have been able to play with a greater freedom and renewed spirit.
Wenger, though, knows filling such a void will not happen overnight.
"Thierry has a great goalscoring record - he could turn up on his day and destroy someone like Inter Milan," said the Arsenal manager.
"That is the challenge we have in front of us."
Wenger continued: "Thierry was a star and the focus was more on him, now things are shared out more evenly.
"We have a lot of players who can change the game.
"This team is blossoming. I am not saying we will not miss a world-class player like Thierry - but we are trying to find a way to get round that and still be efficient."
Wenger ended speculation he would follow Henry out of Emirates Stadium by agreeing a new, three-year deal with Arsenal.
The highly-respected French coach may be heading towards 60, but his ambitions remain as high as ever.
Wenger reflected: "Did I do my best everywhere I was? How many bad decisions and big mistakes did I make? I think more like that than the trophies I did not win.
"Of course, I miss not having won the Champions League, but when I look back at my career it will be more what kind of way did I play with my teams because once you win something it is never enough."
Wenger maintains he would not have looked to stay on at Arsenal if he felt this squad were not able to lift the top prizes again.
"If I build a team and it is a bad team, I have to stop working," he said.
"But I think this is a very good team and I have great confidence and belief in it. Last year that did not come out, which was frustrating."