"I'm fully confident, not only in our team but also in our style of play, and if we have a good game then I believe we will reach the final," Riquelme said in a press conference Monday.
"People didn't expect us to get this far but I won't settle for what we have got and neither will the team.
"I couldn't care less if we meet Barca or Milan - I just want to ensure Villarreal are in the final in Paris. And I believe we will be."
Debuting Villarreal, who ousted Glasgow Rangers and Inter Milan on their way to the semis, slumped to a 1-0 defeat at Highbury last week in the first leg.
The Argentina playmeker, whom Arsenal manager Arsene Wenger said he was the danger man in the Spanish team, said that imposing their style and flow is the key to down Arsenal.
"I think they will largely play the same way (as the first leg) defending in numbers and breaking at speed," he said.
"It's up to us to rise to the challenge of asserting our style and create space in the final third of the pitch."
Villarreal are the first debutants to reach the Champions League semis since Italian side Sampadoria did in 1992.