The Gunners extended their unbeaten run to 12 matches with a resounding 4-1 demolition of AZ Alkmaar at the Emirates Stadium on Wednesday night to all but secure a place in the last 16 of the Champions League.
"It is a very crucial time for us now," said the Holland striker.
"Against Wolves, it is a must-win game for us, given that Chelsea and Man United are playing each other.
"After the break we have Sunderland away and then Chelsea, so it will be a tough month, but I am looking forward to it."
Captain Cesc Fabregas netted a brace against AZ as Arsenal chalked up 18 goals from five games at the Emirates Stadium.
The Gunners have responded well since two successive defeats to both Manchester clubs earlier in the season and victory over Wolves would see them, temporarily at least, move up into second place above United on goal difference.
"We are looking sharp at the moment. Everyone wants to play together and as long as we are enjoying ourselves together we can continue like this," Van Persie added.
"We have one game in hand and are two points off Chelsea so if they lose points we will be in a good position.
"One of the top two will lose points this weekend, so if we want to challenge for the title we have to win."