Arsenal almost pulled off a brilliant fightback in the Champions League but failed to progress to the quarter-finals with Bayern Munich moving through to the next stage.

The Gunners trailed 3-1 going into the second leg and needed to win by three or more goals against last season's runners-up to move into the final eight but came up short, winning 2-0 at the Allianz Arena but losing on away goals after the two-legged aggregate finished 3-3.

Olivier Giroud gave Arsenal early hope when he swept home Theo Walcott's powerful low cross from the right in the third minute before Laurent Koscielny set up a grandstand finish with a header from Santi Cazorla's corner in the 86th minute.

But Bayern held strong at home to book their place in the quarters along with Real Madrid, Borussia Dortmund, Barcelona, Paris Saint-Germain, Juventus, Galatasaray and Malaga.

The Bundesliga leaders were not without their own chances throughout, testing Gunners goalkeeper Lukasz Fabianski on a number of occasions, but could not find the goal that would have eased them through.

Arsene Wenger's men were just the second side to beat Bayern at the Allianz this season but it was not enough as they have to settle for yet another season without any hope of silverware.

2012/13 UEFA Champions - Round of 16 second leg

Bayern Munich (GER): 0 Arsenal (ENG): 2 (Olivier Giroud 3', Laurent Koscielny 86') *3-3 on aggregate, Bayern win on away goals

Allianz Arena, Munich - 68,000