Arsenal have been knocked out of the Champions League having been edged out on away goals by Monaco following a 3-3 aggregate draw in their Champions League last-16 tie.

Goals in either half at the Stade Louis II from Olivier Giroud and Aaron Ramsey gave the Gunners real hope of overturning a two-goal deficit from the first leg, although in the end they were unable to find an all-important third away goal to see their European hopes come to an end.

Despite the onus being on the visitors from the off, it was actually the Ligue 1 side who made the brighter start as Joao Moutinho curled an effort narrowly over the bar on the end of Dimitar Berbatov's cutback.

Arsene Wenger's side soon settled into the game, and with 15 minutes on the clock they found their first sight of target, although Giroud failed to steer his header goalwards when picked out inside the area.

Arsenal remained on top for large parts of the first half, without really creating any sort of openings to trouble their opponents at the back.

However, with 36 minutes gone Giroud managed to find a way through to provide his side with a glimmer of hope in the South of France, firing home into the roof of the net at the second attempt after seeing his initial shot blocked away - the first goal Monaco have conceded at home all season in this competition.

Danny Welbeck, back into the side as one of three changes this evening, squandered a brilliant opportunity to pull another goal back for the Gunners when his first-time shot was turned behind by Aymen Abdennour.

Knowing that they had just 45 minutes to rescue their European campaign, Arsenal came out strong in the second half and Giroud was presented with a decent chance to double his tally when Abdennour's clearance fell nicely to him, yet he lashed wildly at the attempt which ended closer to the corner flag than the goal itself.

Mesut Ozil was the next visiting player to try his luck, but Danijel Subasic was always favourite to keep out the curled effort, doing exactly that by tipping the ball over the bar.

With less than 30 minutes left on the clock the Premier League outfit still required two more goals to pull off a feat never before achieved in the Champions League era, a task made all the more difficult up against a Monaco side who had previously gone 16 games unbeaten at their home ground.

Wenger, facing a side he managed for seven years previously, rolled the dice by introducing Ramsey, and the Welshman almost made an immediate impact by instigating a move which ended with Ozil shooting narrowly wide of the target.

Monaco began to frustrate their opponents with a number of niggling fouls, although as the half wore on it became apparent that they were relying largely on counter-attacks to kill off the game completely.

Wenger made his second change by introducing the pace of Theo Walcott, and it was his shot which came back off the foot of the post that allowed another sub in Ramsey to keep his composure and tuck the ball away for the tie's sixth goal.

Despite plenty of late pressure Arsenal were unable to find a way through once more, as their first-leg frailties ultimately came back to haunt them and cost them a place in the quarter-finals.