The former Nigeria captain, a two-time African Player of the Year who won league titles with Arsenal between 1999 and 2004, gave his assessment in an interview with Flashscore ahead of Saturday's final against Paris Saint-Germain.
The showpiece is scheduled for May 30 at the Puskas Arena in Budapest. Kanu spoke as Arsenal prepare for their first appearance in a European final in 20 years.
Kanu linked Arsenal's European prospects to their domestic turnaround. He noted the club had finished second in the Premier League in consecutive seasons before finally securing the title this year, ending a 22-year wait.
He recalled telling friends that Manchester City edged Arsenal last season and went on to win the league, but the table changed this term. He applied the same pattern to Europe, pointing out that PSG are the reigning Champions League winners after lifting the trophy last season, and said he believes it is now Arsenal's turn to complete an unbeaten run and claim a first continental crown, which would make it a historic year for the club.
Arsenal booked their place in the final with a 1-0 victory over Atletico Madrid, a result that kept their unbeaten record in the competition intact. PSG arrive in Budapest as defending champions.
In the interview, Kanu credited manager Mikel Arteta with building depth across the squad, saying the strength in every position gave Arsenal an advantage over a long season. He added that winning the league has eased pressure on the players ahead of the final.