The North Londoners have not been champions of England since 2004, but Oxlade-Chamberlain is remaining positive.
He told The Telegraph: "We've been contenders ever since I came to Arsenal. Or at least that's the feeling in the squad. We really think we can take the title.
"Obviously it hasn't happened in recent seasons. But in the form we showed at the end of last season, and - when I was watching from the sidelines - in the spirit we've shown at the start of this, in the derby, everyone was fighting for each other.
"That team spirit, you can't buy it. That, along with our manager and the signings, I'm full of optimism that this season can be a good one."
After taking six points from their opening three league games, Arsenal sit fourth in the fledgling table.