The two sides were pitted against each in Monday's draw in a re-match of their encounter last season – a game which saw the Gunners become the first side to win at the Allianz Arena in 2013, though they ultimately exited the tournament.
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"I know Arsene Wenger quite well, I know his players quite well," the Spaniard told reporters. "In the draw, it was the most difficult team."
The Bavarians are currently in Morocco for the Club World Cup, a competition Guardiola has won twice before with Barcelona and is keen to triumph in again.
"This tournament is very important, very prestigious. It’s not easy to qualify for it, nor to win it," he continued ahead of his side's semi-final clash with Guangzhou Evergrande.
"There are only two matches, the semi-final and the final, and simply put, we have to win them.
"You don't have the good fortune to take part in this competition very often in your life as a professional footballer and I'd like to express my gratitude to the team and Juup Heynckes because thanks to them I am here today."