Arsenal will face Real Madrid in the Champions League quarter-final after crushing PSV 9-3 on aggregate and both Joe Cole and Martin Keown rated their chances of springing an upset against the European giants.

Real required a hugely controversial penalty shootout to get past city rivals Atletico on Wednesday, as Antonio Rudiger scored the winning spot-kick after Julian Alvarez’s was ruled out for a double-kick.

Meanwhile, a much-changed Arsenal side drew their second leg 2-2 with PSV to set up the clash with the 15-time Champions League winners.

Despite that trophy-laden history, Joe Cole believes the Gunners – who are yet to win the historic gong – have what it takes to beat the La Liga giants next month.

“This team and this club (Arsenal) can beat anybody over two legs,” Cole told TNT Sports after Arsenal’s 2-2 draw against PSV in the second leg.

“There’s a lot of holes in their squad at the moment, they haven’t got a recognised striker. A lot of injuries. But sometimes that can galvanise you.

“Sometimes, something will click, there will be a moment and they’ll go, ‘Right lads, we have an opportunity here’.”

Fellow football pundit Martin Keown believes Madrid will be wary of his former club after they put PSV to the sword in the last-16.

“To win as they did, 7-1 [in the first leg], 9-3 overall… that will ripple across Europe,” Keown added. “Arsenal will be a formidable opponent in the next round [for Real Madrid].

“Arsenal will be respected. One by one, players are coming back. Bukayo Saka is quite close. Gabriel Martinelli is back available. Things start to turn around. The players will really be up for the next round.”

Oleksandr Zinchenko scored the opener for Arsenal on just his fifth start of the season as the Ukraine international operated in the No.10 position, while Raheem Sterling – who’s been heavily criticised this season for failing to make an impact on loan from Chelsea – grabbed two assists, and Keown was impressed by both outcasts.

“He was a player I was watching with great interest,” Keown said about Zinchenko. “I know he’s highly thought of behind the scenes.

“I thought he put in a good performance today. It was quite interesting, his role. He played quite deep in midfield but then went forward into the No.10 and grabbed his goal. That’s all he can do.”

Keown added: “Raheem Sterling was one of the ones we were anxious to see. In spells he was excellent.

“His involvement in two of the goals was probably the best football we have seen from him all season, and we are nearing the end of the season, so it has been a long time coming.”