The Gunners overcame a tricky test against AC Milan in the last round to book their place in the last eight, beating Gennaro Gattuso's side 5-1 over two legs.
The Gunners booked their place in Friday's quarter-final draw, which takes place at 12pm GMT, with a 5-1 aggregate win over AC Milan and could meet Atletico, who qualified for the last eight with an 8-1 win over Lokomotiv Moscow.
We went in to last night's game holding a 2-0 advantage from the first leg but Milan got themselves back in the tie after opening the scoring with a superb strike from Hakan Calhanoglu.
Mariano Diaz's goal for Lyon in the 71st minute made it 3-3 on aggregate but the hosts needed another and substitute Myziane Maolida could not oblige, fluffing a stoppage-time chance.
"The referee was the man of the match and I will never forget that".
The forward picked himself up to send Donnarumma the wrong way, and leave the infuriated Milan players demonstrating with the officials.
"The referee and assistant referee completely buy it". "I will watch it again".
"There is a great deal of fair play in English football".
Federer advances, Djokovic crashes out at Indian Wells
After a short delay to start the first set, they managed to play until the skies blackened and the heavy rains came in the second. Federer and 10th seed Djokovic both came into the tournament seeking to become the first six-time victor of the event.
"Was it a penalty?" I don't know. The Italian players were unhappy with it. I can understand that, because I don't really know what it was.
Wenger, speaking about Welbeck's penalty decision, said: "When I watch the penalty, I will give you an honest answer".
"I don't want any alibi".
What do you think of the draw and will you be going? Welbeck is a striker, he has to do what he does.
"Even myself when I was a player, I would take advance of individual situations".
While Arsenal have struggled in the Premier League over recent months, they have now reached a European quarter-final for the first time since 2010.
"Ricardo Rodriguez didn't touch him, but for the referee it was a penalty anyway".
But crucially Arsenal were able to draw level in dubious circumstances four minutes later.
Welbeck, hours after being called into the global squad for friendlies against the Netherlands and Italy, sent Donnarumma the wrong way for his first goal since January 7.