Arsene Wenger says the Champions League draw offers Arsenal a chance to exact revenge for one of their worst displays in Europe.
Recalling their 1-0 defeat by Bayern Munich at the Olympic stadium in the second group stage in 2001, Wenger said: "It was one of our worst European performances.
"It was a non-existent performance, I feel, and therefore it's good for us to have a chance to put that right," he told reporters after the draw for the last 16 pitted his London club against Bayern again.
Arsenal, who had drawn 2-2 with Bayern at home after squandering a two-goal lead in the second half, still squeezed into a quarter-final with Valencia despite the loss in Germany.
Wenger believes Arsenal are a better side now and he played down their disappointing record in the Champions League. The club have yet to progress beyond the last eight.
"We know we are not as dreadful as everybody says we are in Europe," he said.
"I concede that we have not won it, but when I saw the (draw) announcement it said only three teams have not lost a game - Inter Milan, Juventus and who? Arsenal."
Wenger also took heart from a draw which has thrown together many of the favourites for next May's final in Istanbul, ensuring there will be a few heavyweight casualties.
"It's a massive game, but what's interesting this year is that with Real Madrid v Juventus, Barcelona v Chelsea, Manchester United v AC Milan and Arsenal v Bayern Munich in the last 16...that's four big teams who are going to be out.
"The guys who survive that round will be in a very good position. If we get through the last 16 we have a good opportunity."
Wenger, a fluent German speaker who comes from France's Alsace region which borders Germany, believed Bayern could benefit from the Bundesliga's winter break.
"The difference with German teams is that you never know how you are going to find them after their long break," he said. "Some are sharper, some have time to recover. So they have a little physical advantage."