Arsenal vs Bayern Munich - The Gunners draw the short straw
Arsenal could have faced Real Madrid, Bayern Munich, Benfica, Bayer Leverkusen, Porto and Sevilla, but in the end, they drew to face Bayern.
Wenger's men managed to get past the group stage for the 17th season in a row, but have been knocked out at the last 16 stage in the past six years. For the first time in five years, the north London club finished top of their group, ahead of PSG.
The Gunners enjoyed a successful group stage and didn't lose any of their games, winning four and drawing two (against PSG, 1-1 away and 2-2 at home).
Mesut Ozil, Arsenal's top scorer in the competition and Alexis Sanchez have been the standout performers. Wenger says that he is confident that he can progress to the quarter-finals.
Bayern could have faced Arsenal, Napoli, Monaco, Barcelona, Leicester or Juventus.
Ancelotti's men could have performed better in the group stage, given the talent to the Italian's disposal. The German side managed to win four of their games in the group stage, but lost twice against Atletico Madrid (1-0) and also went down to a shock defeat against Rostov (3-2).
The Bavarian side have won the Champions League five times, in 1974, 175, 1676, 2001 and 2013. Last year they reached the semi-finals, but Ancelotti wants to be the first coach to win the competition four times with three different clubs, having won it twice with AC Milan in 2003 and 2007 and with Madrid in 2014.
Arsenal and Bayern will go head-to-head at the Allianz Arena in the last 16 on the 14-15 or 21-22 February, while the second leg will be played at the Emirates Stadium on 7-8 or 14-15 March.