I won't be surprised if Arsenal say goodbye to the tournament in this phase. It is still going to be a successful run for them anyway. The opponent is Bayern Munich now and their job is quite difficult. If Arsenal play the same as the Porto matchup then there is a big problem for them. Bayern Munich might seem like they aren't the same as the previous season but they wouldn't be forgiving against vulnerable opponents anyway.
Honestly I don't expect a huge score between these teams this time. Arsenal have made big progress thanks to Arteta. I expect to see them fighting back decently.

But when it comes to my favourite it is still Bayern Munich though.