Bayer are into the next phase after victory over Olympiakos in their qualifying playoff.
Bayer will now meet either Arsenal or Bayern Munich in the round 16, with Hjulmand stating: "These are two of the best teams in Europe.
"Arsenal may have spent six-seven seasons getting this squad and playing in the Premier League and Champions League.
"They have spent a very long time and now have many top players to say two teams, and Bavaria knows of course we are a top team. These are currently two of the best teams in Europe. It's a big task, but we want that too.
"It is only because of the possibility that we play four times against Bavaria that it would be better for the variation to play against Arsenal, but they are equal in level.
"They have a very high level. But four battles against Bavaria in a month ... We have to see what happens. But with Arsenal there would be little variation."