Arsene Wenger (centre) has to lift his players for the second leg
The Gunners are staring down the barrel of an exit from Europe's elite competition after a 3-1 defeat at home to Monaco in the first leg of their last-16 tie.
Arsenal warmed up for their second leg tomorrow (7:45pm) by thrashing West Ham 3-0 on Saturday at the Emirates.
They will need to reproduce a three-goal winning margin to book their place in the quarter-finals of the Champions League.
But Petit is confident Arsenal players will atone for their inept display in the first leg and qualify for the last eight.
"They can do it," Petit told French paper Le Parisien.
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Emmanuel Petit thinks Arsenal can get past Monaco
They can do it. The players owe it to themselves to take revenge
Emmanuel Petit
"The players owe it to themselves to take revenge. In the first leg, they were below-par in everything.
"They were unworthy of Arsenal's class. They also owe it to the supporters to avenge that defeat.
"Motivation will be easy to find. There is a feat to be achieved, like PSG against Chelsea. Arsenal can make history by qualifying."
Petit however urged Arsenal not to overcommit going forward.
He added: "The trap for Arsenal will be to go forward gung-ho. Wenger has to find a balance and his players need to be more efficient. If Arsenal score early, they will sow doubt among the Monaco players."
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