Arsenal legend Thierry Henry has weighed the chances of the Gunners beating Real Madrid or Atletico Madrid in the UEFA Champions League quarter-finals. Henry's prediction came after the 7-1 demolition of PSV Eindhoven in the Round of 16 first leg (March 4).
Arsenal performed pretty well in the Champions League group stages and stood third in the rankings with 19 points off eight games. They were surpassed by only Liverpool (21 points off eight games) and Barcelona (19 points off eight games). The Catalans stood ahead owing to their goal difference. The Gunners lost only one game in the league phase - 1-0 to Inter Milan. They drew 0-0 against Atalanta and won the remaining six fixtures.
In the Round of 16 first leg, the North London side secured a massive 7-1 win over PSV Eindhoven at the Philips Stadion. Given their result, they are very likely to move to the quarter-finals, where they will face either Real Madrid or Atletico Madrid. Los Blancos secured a 2-1 win over their league rivals in the Round of 16 first leg at the Santiago Bernabeu.
In an interview on CBS Sports, Thierry Henry weighed Arsenal's chances of beating Real Madrid or Atletico Madrid in the quarter-final. He said (via Metro UK):
"Yes, [Arsenal] can [give the Madrid teams a run for their money]. I do believe that, this is why I called it. I’m just saying now, show us that you can do that against a good team, with people that are coming back [from injury]."
Henry was talking about the return of Bukayo Saka and Gabriel Martinelli in the second leg.
Arsenal may have a good chance of winning the UEFA Champions League if they can be consistent with their form. However, both Real Madrid and Atletico Madrid can be formidable opponents. Los Blancos are the most successful team in the history of the tournament with 15 wins to their name.
Thierry Henry claims Arsenal will have to go beat teams like Real Madrid to win the UEFA Champions League

In his aforementioned interview with CBS Sports, Thierry Henry noted that a team must beat formidable sides like Los Blancos to win the tournament. He also claimed Arsenal's chances of winning the Premier League are over for now. The Gunners legend said (via Metro UK):
"W all know that the [Premier] League is over. Apart if something crazy happens but what I’m trying to say is that this game can help maybe to be confident in this competition but [also] the game that you have after, Real Madrid or Atletico. Sometimes I think the path to the final can at times help or not, but if you want to win the competition you have to go through these teams."
The Gunners stand second in the Premier League table. However, they have a significant difference from table leaders Liverpool with 54 (27 games) and 67 points (28 games), respectively. It may be difficult for them to surpass the Reds unless an unlikely situation arises.
Meanwhile, they have faced Real Madrid only twice before in the 2005-06 season in the UEFA Champions League. The two European giants clashed against each other over two legs in the Round of 16. Arsenal secured a 1-0 win in the first leg and they played out a 0-0 draw in the second leg, with an aggregate 1-0 win.