Barry Robson’s side have managed to accumulate just one point from their opening three group stage matches in the competition, trailing second-placed Eintracht Frankfurt by five points and leaders PAOK by eight.
With three matches still to go, the Dons have a mountain to climb in order to progress through to the next round.
However, Loy is not entirely giving up on Aberdeen’s chances of progressing and has urged Robson to stick to his best players for Thursday’s away match against the Greek side.
Aberdeen conceded three goals in the space of the final 17 minutes to lose their last match against PAOK two weeks ago.
Loy believes that Thursday will be their chance to put right the things that went wrong in that match.
“I think it’ll be a case for Barry Robson and his side wanting to put right what happened at Pittodrie a couple of weeks ago”, Loy told the BBC.
“There’s still an outside chance they could qualify, so I don’t think it’s time to ring the changes.
“Get your best players on the pitch and see if they can get you in a position to win the game.
“Maybe [the game at Pittodrie] opened up PAOK’s eyes to just how good Aberdeen can be.
“They will be keen to top the group, and know now that Aberdeen can cause a threat – both teams will want to start quickly.”
Aberdeen have not enjoyed the brightest starts to the season, but have reached the final of the Scottish League Cup.
