The Gunners were knocked out of Europe by the German champions last season and now face them on home soil with another two-goal deficit this time around.
Mesut Ozil's missed penalty, followed by Wojciech Szczesny's sending off, set the tone during the first leg at the Emirates Stadium, before Toni Kroos and Thomas Muller struck to give Bayern Munich a 2-0 win.
But Oxlade-Chamberlain still feels Arsenal can qualify for the quarter-finals, especially as the north London side came away from the Allianz Arena with a 2-0 win of their own last term.
“We’ve still got a chance, 100 percent,” the 20-year-old told reporters. “Last season we went there 3-1 down - everyone wrote us off but we managed to get a good 2-0 win there.
“We’ll be feeling we can something take from that, and from this performance. In football a lot of things can happen. We are top side, they will know the job’s not done and we know the job’s not done.”
Speaking after his side's convincing 4-1 win over Everton, Oxlade-Chamberlain also discussed Arsenal's chances of winning the FA Cup, suggesting that the Gunners are hungry enough to finally end their nine-year trophy drought.
“As a professional and as a winner, you always want to win things, that goes for every member of our team," he said.
“There’s no doubt it’s in the back of your mind because all you want to do is win. This is an opportunity for us, we are one step closer.
“Every step, every round you go through, you get that little bit closer and you get hungrier and hungrier for the end result.
“You watch FA Cup games at Wembley when you are growing up and that’s where you want to be. That’s the stage and that’s what it’s all about."
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