He is backing Arsene Wenger's men to reach the quarter-finals of Europe's elite competition.
Schmeichel told the Daily Star: "You know, you look at it on paper and they should really [progress].
"I played Monaco in the Champions League as well when [Thierry] Henry played for them, so we're going back some years.
"Arsenal should go through but you kind of forget that these guys are actually really, really good. They are a very wealthy club - they can pay any player anything they want. They've got very good players but I still think Arsenal should get through."
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