But he has said the competition is a lot harder to win than it was 15 years ago and that the same four teams will likely dominate again this season.
The Arsenal manager did not name names. He didn't need to. The statistics tell their own story. Five of the last six finals have been won by either Real Madrid, Barcelona, Bayern Munich or Chelsea.
Jose Mourinho's side are a case in point.
In the past 11 seasons, Chelsea have won the competition once, been runners-up once and reached five other semi-finals. In the same period, Arsenal have reached one final and one semi-final and gone out in the last 16 in the last four seasons, despite being seeded in the top pot in those years.
It may hurt him to admit it, but Wenger, who celebrates 18 years in charge at Arsenal today, knows Chelsea's chances are better than his side's as he prepares for tonight's must-win game against Galatasaray at the Emirates.
Must-win by Wenger's own admission after defeat in the opening game in Dortmund means he is demanding nine points from Arsenal's three home games in Group D.
"Maybe the Champions League was more open 15 years ago," said Wenger. "The concentration of the big players in a small number of clubs is much more than it was before.
Arsenal prepare for Galatasaray clash
"It's much more predictable today, the outcome of the Champions League, than it was 10 years ago. It's harder to win it.
"If you make a poll tomorrow and say to people 'give me four clubs who will win the Champions League', 80 or 90 per cent of people will say these four clubs.
"I don't think we are one of the four who will be favourites to win it, but football is strange, and not always predictable. Let's first qualify from the group stage and see.
"One thing that has not changed compared to 18 years ago, the players were very intelligent and they are still very intelligent today.
"They know what is at stake. Mathematically they know tomorrow is 'the' game for us."
Wenger's defence picks itself tonight with only three fit senior defenders and Calum Chambers, fast becoming one in what will be only his 11th game for the club.
Kieran Gibbs is fit, after straining a hamstring in the opening league game of the season, in a career that has been plagued by injuries and Wenger believes the young left-back is still destined for greatness.
Wenger signed a young winger for Arsenal 17 years ago, turned him into a left-back and he became one of the finest defenders of his generation.
Wenger: Wilshere in the squad
That was Ashley Cole. Wenger sees a lot of similarities with Gibbs.
"I wouldn't like to say I think Kieran 'should' be recognised in the England squad, I think he 'will' be if he performs like he did on Saturday against Tottenham," said Wenger.
"For England with Ashley Cole for a long time was no discussion. Now it's a bit more open.
"I have spoken many times to Kieran about England and we try always to show him confidence. I let Gael Clichy go because Kieran was a young English left-back and I wanted to give him a chance.
"He looks to me that Kieran's going into second gear now and he realises that he can trust his body, he can trust his talent. On Saturday as well he showed his personality to impose himself on the game, all the talent is there.
"He can dribble as well, because when he arrived at the club he was 16 and he was a winger and I saw he was intelligent and maybe I could transform him into a defender. It was a bit similar to Ashley Cole.
"It's a good example to follow because Ashley's top. You see stories about Ashley Cole but on the day of a game, when it mattered and when you had to be there, he was always there."
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