"I hope Arsenal can achieve what I couldn't," the 56-year-old told Bild.
Nearly 20 years after Lehmann and the English side lost 2-1 to Barcelona, the Gunners booked their place in the Budapest final on Tuesday evening with a 1-0 win in the semi-final second leg against Atlético Madrid.
Arsenal boasts 'the best defence in Europe'
Jens Lehmann now believes Mikel Arteta's team can go all the way.
"Our generation played at a faster pace. Under Arsène Wenger, it was all about one-touch football.
"One touch and the ball was moved on straight away," said Lehmann.
In contrast, the current side "is incredibly strong at the back."
Lehmann was particularly impressed by the central defensive pairing of William Saliba and Gabriel, as well as goalkeeper David Raya: "For me, that's the best defence in Europe!"
Legendary sending-off
In 2006, Lehmann played a significant role in the final defeat to Barcelona. In the 18th minute, he was sent off after fouling Samuel Eto'o.
Despite being a man down, his teammates took the lead through defender Sol Campbell, but were eventually beaten after late goals from Eto'o and Juliano Belletti.
Lehmann said at the time that he would 'take the incident that led to the red card to the grave,' and he still stands by that today.
"It's true, after all," he said with a laugh, "we're talking about it again now. I'm sure it will be shown on TV a few more times before the final."
Bayern or PSG?
Arsenal's opponents for the Budapest final will be decided on Wednesday evening (20:00 BST on Flashscore audio commentary).
Bayern Munich and Paris Saint-Germain are battling it out for the second final spot after a spectacular first leg that ended 5-4 to the Parisians.
At the end of May, the Gunners could be facing the biggest week in the club's history. First, Arsenal could secure the league title for the first time in 22 years, and then, six days later, lift the Champions League trophy for the very first time.