The current European champions are Spain's Real Madrid, with only three sides from outside Spain or Germany featuring in the last seven finals.
Ahead of his side's opening group-stage match against 2013 finalists Borussia Dortmund, the Arsenal manager told Sky Sports News: "It's not such an advantage to have three German players in the squad because we know Dortmund anyway. We play them each year!
"The main threats in the Champions League will still be the German and Spanish teams. Look at the number of times Bayern Munich have been in the final.
"There's no obvious reason why suddenly they shouldn't be there. Dortmund is a regular participator as well and in Spain you have the two big clubs, Barcelona and Real Madrid will be contenders again."
Manchester United's win over Chelsea during the 2007-08 season was the last Champions League final not to feature a La Liga or Bundesliga team.