The Gunners, out to 27.00 to win the competition, have met Bayern in the last three Champions League campaigns, exiting at the hands of the German giants in 2013 and 2014, winning at home but losing 5-1 at the Allianz Arena in last season's group stage.
Though top of the Bundesliga, 5.20 Champions League second favourites Bayern are still bedding in under Carlo Ancelotti not quite the almost unstoppable force of previous seasons. They are neck and neck with Leipzig in their domestic league and failed to win their Champions League group, admittedly finishing second to last year's beaten finalists, Atletico Madrid.
Early betting puts Bayern as the 1.33 favourites to progress from the two-legged clash.
The draw gave the competition's other remaining Premier League sides decent opportunities to make it to the quarter-finals, though both clashes will be competitive. Manchester City meet Monaco, who twice beat Spurs to top Group E, while Leicester will face Sevilla.
City are the 13.00 joint fifth favourites to lift the trophy but must beware of Monaco. Second in Ligue 1, Leonardo Jadim's outfit impressed throughout the group campaign, producing a classic away performance to start the competition with a defeat of Tottenham at Wembley. Their only defeat of the group phase came when they'd already qualified.
Sevilla sit third in La Liga, one behind Barcelona and seven off Real Madrid. The away tie will be key for Leicester, the Spanish side have a phenomenal home record in the league and were unbeaten in the group phase of the Champions League. Outright odds marginally favour Sevilla - they trade at 44.00 with the Foxes a few ticks back at 50.00.