Despite the ongoing uncertainty over the future of captain Robin van Persie, Wenger has warned his team's rivals that they are ready to challenge for the major trophies over the coming months.
"We want to [compete for major honours] and we have a desire to. We are up for it and what we want is to come out of the season and know we have given our best," he told the club's official website.
"I feel we did that last year, finishing third with the start we had.
"The first target is to do as well as we can in every single game and see where we stand at the end of the season, but of course we want to fight for the championship."
The majority of bookmakers have priced the Gunners at 11/1 to win the title.