The Gunners returned to the Champions League this season for the first time since 2013-14 and displayed their ability to compete in Europe after humiliating Slavia Prague with an 8-0 win on Thursday, resulting in a 13-2 aggregate victory to reach the last eight.
The quarter-final and semi-final draw will take place on November 8th, Arsenal will be expecting a tough draw but Joe Montemurro has assured that his side will be feared by other clubs in the draw.
"It's now a lottery. We know one of the big teams is going to come up soon and we have to be prepared. We have to beat whoever is there," Montemurro said.
"As much as we sort of dread meeting the Lyons and so on, I'm pretty sure they'll dread meeting us too.
"We're not just here to fill up numbers. We're here to go all the way."
Arsenal have one Champions League trophy to their name since completing the sextuple in the 2006/07 campaign, Montemurro's side will be desperate to double their tally this season but will face a tough challenge regardless of who they draw in the next round.
Current holders Lyon have won the competition four times in a row and will be one of the seven menacing sides that Arsenal could draw on Friday.
Atletico Madrid reached the last eight after beating Manchester City, meanwhile, Barcelona are also through and will be desperate to go all the way this time after their 4-1 defeat to Lyon in the final last season.
Two-time finalists Paris St. Germain, Bayern Munich, and Wolfsburg all booked a place in the quarter-finals, as well as Scottish league winners Glasgow City.
Montemurro has revealed that he is happy with his squad heading into the last eight of the Champions League, insisting that no changes need to be made in January before the quarter-finals take place.
"At this stage, no. We're quite happy with the balance of the squad.
"We have fluidity, with players who can play in lots of different positions.
"We play this brand of football to make sure we control what we want to do. We can bring different players in and they can still stick to the same system.
"We want to put the team out of their comfort zone. I'm very happy with the growth of the squad. We play now with a little bit more maturity and comfort."