The Gunners are looking to reach the last four for the first time since 2013, while Bayern are aiming to reach the semi-finals for the second time in three seasons.
Match preview
After losing 1-0 in Germany last week, Arsenal bounced back in style with a dominant win over local rivals Tottenham Hotspur in Saturday's North London Derby.
A Caitlin Foord brace as well as goals from Stina Blackstenius, Kim Little and Frida Maanum guided the Gunners to a commanding 5-1 victory, ensuring they will go into Wednesday's contest in a confident mood.
The Gunners are the only English team to win the Women's Champions League, lifting the trophy in 2007 when it was know as UEFA Women's Cup.
Since being crowned champions of Europe 16 years ago, Arsenal have reached the quarter-finals on nine occasions, but six of those last eight ties ended in defeat, including their last three.
Having won five of their last six competitive home games in regulation time, Arsenal will be hopeful of turning their last-eight tie in their favour.
Bayern will travel to the English capital with a slender lead after Lea Schuller's header proved enough to secure a first-leg victory.
The German side picked up another crucial 1-0 victory at the weekend, with Georgia Stanway scoring from the penalty spot late on to edge out title rivals Wolfsburg.
As a result of the crucial three points, Bayern moved above Wolfsburg to finish the weekend top of the Frauen-Bundesliga table.
After being knocked out by Paris Saint-Germain at the quarter-final stage last season, Bayern will be desperate to avoid another last-eight exit on Wednesday.
Alexander Straus's side have won their last eight matches across all competitions, which will give them the confidence to protect their first-leg lead.
Arsenal Women Women's Champions League form:
W
D
W
L
W
L
Arsenal Women form (all competitions):
Bayern Munich Women Women's Champions League form:
W
L
W
W
W
W
Bayern Munich Women form (all competitions):
Team News
Arsenal are still unable to call upon Vivianne Miedema and Beth Mead, who still have a long way to go in their recoveries from anterior cruciate ligament injuries.
Steph Catley remains sidelined with a foot injury, but Jonas Eidevall is hopeful that the Australia international will return before the end of the season.
After dropping down to the bench on Saturday, Manuela Zinsberger, Laura Wienroither and Rafaelle could be recalled to the starting lineup.
As for Bayern, Linda Dallmann underwent ankle surgery earlier this month and will miss the rest of the season, while Giulia Gwinn is also ruled out through injury.
Glodis Viggosdottir will continue to partner Saki Kumagai in central defence, and the pair will be aiming to help their side claim an eighth consecutive clean sheet.
Schuller was left out of the lineup on Saturday, but the forward will return to the starting XI for the trip to the English capital.
Arsenal Women possible starting lineup:
Zinsberger; Wienroither, Williamson, Rafaelle, Maritz; Maanum, Little, Walti; McCabe, Foord, Blackstenius
Bayern Munich Women possible starting lineup:
Grohs; Rall, Viggosdottir, Kumagai, Hansen; Zadrazil, Stanway; Lohmann, Magull, Buhl; Schuller