The Gunners' reward for topping Group A was being drawn out of the hat together with Carlo Ancelotti's men in Nyon once again on Monday afternoon.
The North Londoners have won three times versus Die Roten in history, however were eliminated by them in the last 16 for two successive seasons in 2013 and 2014.
Arsene Wenger's men beat Bayern 2-0 in London last season in the same competition and should the Gunners remain in touch ahead of the second leg, the hosts will fancy their chances of progressing.
That task is easier said than done. Arsenal have lost heavily in Bavaria twice over the years and lost 5-1 last November, with a brace from Thomas Müller helping condemn them to a heavy defeat.
Arsenal and Bayern meet again in first knockout round
This time round, Arsenal will play the second leg at the Emirates Stadium in March. Arsene Wenger will be hoping for a raucous atmosphere in N5 to swing the tie in their favour this time around.
Despite the departure of Pep Guardiola, Bayern continue their dominance of the Bundesliga under Ancelotti, currently sitting top of the pile - level on points with RB Leipzig.
Both sides have cause for concern in defence, with Mats Hummels switch from rivals Borussia Dortmund not having panned out smoothly as expected.
With Alexis Sanchez in red-hot form for Arsenal, the Germans can be assured of a thorough examination from the Chilean.
On the flip side, the speed and threat of Kingsley Coman, Douglas Costa and the returning Franck Ribery will be a relentless threat for Wenger's men, as well as talisman Robert Lewandowski and Muller, despite the German international failing to spark this term.
Arsenal looking to reach quarter-finals for first time since 2010
The last time Arsenal topped their group in the Champions League, The Gunners were hammered 4-0 in Milan, before mounting a forlorn comeback winning 3-0 at the Emirates.
Elsewhere in the draw Manchester City will play a rejuvenated AS Monaco, whilst Leicester City's European odyssey will continue with a trip to the South of Spain to face the reigning UEFA Europa League champions Sevilla.