Wenger spent seven years as manager at the Ligue 1 outfit, winning the title in 1988 before leaving Stade Louis II six years later.
The principality club were able to win Group C in the Champions League this season despite scoring just four goals in six matches, and were widely regarded as the weakest side among the group winners heading into the draw.
But Miles does not feel it is a foregone solution that the north London side will advance despite avoiding the likes of Real Madrid, Barcelona and Bayern Munich.
"As the draw progressed it was evident a lot of the big teams have gone," he told Sky Sports.
"We are delighted to be here when you consider its 17 consecutive years in the Champions League it’s a fantastic achievement for Arsene Wenger and the players. We are very much looking forward to the game and being at the top table of European football
"We have picked some of the biggest teams in Europe over the last five years. We aren’t taking anything for granted, Monaco have earned the right to be here.
"All the fans have high expectations as you rightly say it will be great to at least get through this round of 16 and press on and kick on from there
"Overall we’re taking nothing for granted but we are pleased with the draw."