Arsenal were handed a Europa League semi-final tie against joint favourites Atletico Madrid.
The Gunners will face two-time winners Atletico Madrid after the Spanish side dropped out of this season's Champions League.
Arsenal will host Los Rojiblancos at the Emirates Stadium on April 26 and play the second leg at Wanda Metropolitano on May 3.
The two joint-favourites to win the competition will face off in a huge semi-final clash.
Arsene Wenger's men avoided an upset in the quarter-final after beating CSKA Moscow 6-3 on aggregate.
Meanwhile, Diego Simeone's side ran out 2-1 winners on aggregate as they defeated Sporting CP over the two legs.
The tie will mark a first European semi-final in nine years for Arsenal and they will be hoping for another year of silverware success after a disappointing domestic campaign.
Currently, 13 points behind arch-rivals Spurs who sit in fourth spot, a Champions League spot looks highly unlikely meaning the Europa League is their last resort for success.
Los Rojiblancos have impressed in their short stint in this year's Europa League after dropping out of their Champions League group.
Sitting in second spot in La Liga behind Barcelona, Simeone's men are a playing below their level in the second tier European tournament.
However, they were knocked out of the respected group in the Champions League and have taken the competition by storm.
In previous rounds the Spanish side have run to comfortable victories, often finishing the tie by the first leg with hefty victories.
Yet in the quarter-finals, they seemed to become complacent after allowing Sporting back into the tie having not shown their usual clinical finishing.
Arsenal will have been looking to avoid Madrid in the semi-finals but the Gunners will take confidence from their two-goal comeback in Moscow.
RB Salzburg draw Marseille
Should Arsenal progress to the final of the Europa League they will be met by one of Red Bull Salzburg or Olympique de Marseille.
Both sides featured in thrilling quarter-finals as Salzburg turned around a 4-2 first leg defeat against SS Lazio to go through 6-5 on aggregate.
Meanwhile, Marseille progressed after dumping RB Leipzig out of the competition, winning the tie 5-3 on aggregate.
Red Bull Salzburg will host the first leg on April 26 and face a trip to France on May 3.
The final in Lyon will provide extra incentive for Marseille as they will look to lift the European trophy on Ligue 1 side Lyon's home soil.