A penalty shootout win on the back of a disappointing performance over the previous 120 minutes, coupled with a poor domestic season which sees the Gunners sitting fifth in the Premiership, may not seem the backdrop for an unlikely Champions League victory. However, although there are certainly a number of top teams, such as Manchester United and Barcelona, left in the competition, I can’t help feeling that this Arsenal team could well be better equipped to win this year’s tournament than they have been for some time.

It is true to say that the Gunners have struggled in the Premiership this season. Yet they have achieved victories over Manchester United, plus Chelsea at Stamford Bridge as well as avoiding defeat against an in-form Liverpool team (with ten men). They have also impressed in Europe, with 4-0 and 5-2 wins over Porto and Fenerbahce respectively.

Arsenal’s problem this season has been in games against “lesser” sides such as Stoke and Fulham, where crucial points have been dropped. Yet in the latter reaches of the Champions League, such “lesser” teams will not be present. The Gunners have already shown this season, as well as in last season’s marvellous 2-0 victory in the San Siro, that they can compete with the very best. What’s more – aside from the three English teams left in the draw, only Barcelona can be considered realistic winners of the trophy. A formidable task, no doubt, but certainly not one Arsenal should fear.

Additionally (and crucially), there is a freshness about Arsenal’s squad just now which is not reflected in their rivals. Manchester United look strong, but their squad will be tested in the coming weeks as they battle to win an unprecedented five trophies. Despite their stunning win over Real Madrid, Liverpool’s squad is showing signs of weariness and defeat at Old Trafford on Saturday could leave them out the title race and deflated.

In contrast, Arsenal’s stars are one by one returning from injury, with Theo Walcott just back and Emmanuel Adebayor, Tomas Rosicky and Cesc Fabregas soon to follow. Added to that the recent return of Eduardo and the fact Robin van Persie has had an injury interrupted season, plus Andrei Arshavin has added a fresh impetus to the squad, means that the Gunners should not suffer fatigue in the run-in.

It’s still a big ask to win the Champions League, but Arsenal should certainly not be written off as genuine contenders for the trophy. A favourable draw next Friday could be enough to see the Gunners into the semi finals and once you get that far, anything can happen. In saying that, what are the odds of a trip to the Nou Camp and the return of a certain Mr Henry taking place?