Spurs are the form side going into the game hving won four of their last five league games, with Mauricio Pochettino's side looking to extend their four-point lead over their arch-rivals.
However, despite finishing below Tottenham last season for the first time since taking over at Arsenal in 1996, Wenger has denied that his side are the underdogs ahead of the meeting.
"Not at all," Wenger replied when asked if he felt that Spurs were favourites going into the game.
"I think Tottenham is a good side but we have the quality to win this game and that is what we want to show."
Wenger admitted that he loves a good derby, but said that his players must keep their heads if they are to emerge from the game victorious.
"There is always pride involved, a desire to beat your opponent," he said.
"You need to have full commitment, but as well be lucid enough and calm enough to focus on the game.
"It is one of the fixtures of course that is very important for us and that you want to win.
"Basically as well, in the table, we have to make some ground up with the top teams.
"At home we have been very strong and our home strength will certainly be vital to decide where we finish at the end of the season."