As things stand, both teams are clinging onto the final two automatic qualification spots for the last 16, although they could be bumped out of the top eight if results on Tuesday go against them.
The Gunners and Les Monegasques fared differently against Portuguese foes last time out, as while Mikel Arteta's men demolished Sporting Lisbon 5-1, Adi Hutter's team suffered a late collapse in a 3-2 home loss to Benfica.
However, Monaco returned to triumphant ways at the weekend with a routine 2-0 Ligue 1 win over Toulouse, whereas Arsenal had to settle for a 1-1 draw with London rivals Fulham in the Premier League.
Here, Sports Mole takes an in-depth look at the head-to-head record and previous meetings between the two sides.
Head-to-head record
Previous meetings: 2
Arsenal wins: 1
Draws: 0
Monaco wins: 1
Alongside a couple of friendly matches, Arsenal and Monaco have only ever faced off in a pair of competitive Champions League meetings, both of which were played in the last 16 of the 2014-15 tournament.
The knockout battle saw Arsene Wenger reunite with the team he led to Division 1 and Coupe de France glory during his seven-year stint in charge from 1987 to 1994, but there was no room for sentimentality when the Frenchman pitted his wits against his old team.
Indeed, Arsenal and Monaco drew 3-3 on aggregate after two legs that year, but with the now-abolished away goals rule still in operation back then, the Ligue 1 side progressed to the quarter-finals as the Gunners' last-16 curse continued.
The damage was done during their first-ever competitive meeting at the Emirates in February 2015, where Monaco led 2-0 by the hour mark thanks to Geoffrey Kondogbia and Dimitar Berbatov's efforts, before Alex Oxlade-Chamberlain cut the deficit in half in added time.
However, what proved to be the hammer blow was struck even deeper into second-half injury time by Yannick Carrasco, who latched onto a pass from now-Manchester City star Bernardo Silva and struck Monaco's third with one of the final attacks of the game.
Wenger's side had to score at least three times on Monaco's turf a couple of weeks later to stand a chance of advancing, and the comeback was very much on when Olivier Giroud and Aaron Ramsey netted either side of half time.
However, after Ramsey's 79th-minute strike, Monaco kept Arsenal at bay for the final 10, meaning that the Gunners' 2-0 success was inconsequential and Leonardo Jardim's men reached the last eight, where they were sent packing by Juventus.
Arsenal and Monaco have reunited in a non-competitive setting since then, as Les Monegasques were the visitors to North London for the 2023 Emirates Cup, a match won by Arteta's men on penalties after a 1-1 draw.
Previous meetings
Mar 17, 2015: Monaco 0-2 Arsenal (Champions League Round-Of-16)
Feb 25, 2015: Arsenal 1-3 Monaco (Champions League Round-Of-16)
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Written by
Ben Knapton