The full back expects the Gunners to go one better than last year, when they were knocked out on away goals by the eventual winners, despite beating them away
The Gunners were knocked out by the Germans on goal difference at this stage in 2012-13, despite beating them 2-0 at the Allianz Arena.
Bayern went on to win the treble and has started this season in similarly daunting form, but Jenkinson cannot wait to face the German team and prove that his side has learned from the mistakes of last term.
"[The draw] was a strange one because you look at Bayern Munich and they're a fantastic team - in that sense you're thinking it could have been easier but, at the same time, we know we can beat them. We proved it last season," he told talkSPORT.
"Beating Bayern Munich 2-0 in their home ground doesn't happen very often. We know we have the capability to beat them so I'm sure the boys are positive about the draw.
"I'm excited about it, personally. If you want to be the best, you've got to beat them and Bayern are definitely one of the best teams. It will be a great game for the neutral, as well."
Arsenal was made to fight but scraped through Group F, reaching the knockout phase for the 14th successive season.