If Arsenal beat Sporting Lisbon in the quarter-finals, they will travel to either Barcelona or Atletico Madrid in what would be a tough semi final for The Gunners.
After that, Arsenal could face the likes of Bayern Munich, Paris Saint-Germain or Liverpool in the final depending on results as they chase down their first European trophy under Mikel Arteta.
Speaking BetGoat, Petit believes that Arsenal’s excellent run in the Premier League will only help their chances in Europe.
“At the moment, I think they are living a dream and what's happening in the Premier League actually gives them a huge, huge confidence. I don't see Manchester City coming back in the Premier League.
“I stick with what I've said for weeks and months, Arsenal are going to win the Premier League. So for me, this is the priority. If they can win more trophies than that, they're more than welcome. If they can do something big in the Champions League, that would probably be the most amazing year in the club's history. And honestly, they can do that. But in the Champions League, it's not the same as what's happening in the Premier League.
“They've got extra motivation, something weird, unpredictable, you know, with this team. But we have Paris Saint-Germain too, they're coming back very strongly. So it will be a huge task for Arsenal to win the Champions League. For me, the first trophy they have to win is the Premier League. Definitely.”
Arsenal made it through to the last eight of the competition by defeating Bayer Leverkusen 3-1 on aggregate and now must beat Sporting if they are to make history this season as they track down a European title.