|9/2||Arsenal are 9/2 with BetVictor to keep a clean sheet against Bayern Munich during the first leg|
The tie is a repeat of last season's showdown at the same stage of the competition, when Bayern progressed on away goals after the two sides were level at 3-3 on aggregate.
Arsenal finished level on points with group winners Borussia Dortmund after losing at Napoli last week and finished second due to their inferior head-to-head record against Jurgen Klopp's side and Miles was left to rue the London club's failure to top the group.
"It's obviously going to be a very tough tie," he told Sky Sports. "We had Bayern last season, Barcelona for two years running so we've had the rough end of the draw [in recent years].
"I think we have paid the price [for finishing second], it's a fact. We would much rather be in the other half of the draw but we are where we are and I'm looking forward to these two matches.
However, Miles does believe Wenger's side have a good chance of overcoming the German champions and suggested this was the standout tie of the round.
"We're optimistic, we ran them very close last year," he added. "Don't forget we only lost on away goals. We're hopeful we can come through this one.
"We're top of the Premier League, they are top of the Bundesliga. For me this is the standout tie of the round. It should be two great games of football."