|6/5||Arsenal are 6/5 with Coral to finish in the Premier League's top four
The Frenchman's side were beaten by last season's finalists, Bayern Munich, on away goals in spite of a brave performance in the Allianz Arena which saw them level the tie at 3-3, having trailed 3-1 from the first leg.
"It is a big wake-up call," Wenger told Sky Sports after the game.
"It means that the rest of European football has caught back on us and means we need to consider in the Premier League what we have to do to improve."
Turkish club Galatasaray and Spanish side Malaga are two surprise sides in the last eight after Cim Bom shocked German club Schalke and Manuel Pellegrini's side saw off 2004 winners Porto.