With the Gunners having slipped out of contention for a top-four finish in the Premier League, continental glory is now required in order to rejoin the Champions League elite.
Like Manchester United in 2017, Arsenal are having to prioritise European football over their domestic endeavours in an effort to secure a seat at the top table.
They did prevail 6-3 on aggregate, but not before being given a scare.
The Gunners will know that they cannot afford any more wobbles if they are to emerge victorious, with Atletico set to provide a stern test of their credentials.
Diego Simeone’s team also endured a stumble in the second leg of their quarter-final, as they eventually edged out Portuguese side Sporting 2-1 on aggregate, but boast the firepower to trouble the best in the business.
Arsenal will need no introduction to former Chelsea strikers Diego Costa and Fernando Torres, while Antoine Griezmann has the potential to be a serious thorn in their side.
Wenger does, however, have plenty of attacking threat of his own, with World Cup-winning playmaker Mesut Ozil having shown during his time at Real Madrid that he knows how to trouble Atletico.
1 - This will be Arsenal's first ever competitive meeting with Atlético Madrid, while they progressed from their only previous European semi-final tie against Spanish opposition (Villarreal in the 2005/06 Champions League). Clash. pic.twitter.com/A93f6IXsLh— OptaJoe (@OptaJoe) April 13, 2018
He could have a key role to play as the battle continues to book a place in the final at Lyon’s Groupama Stadium on May 16.
On the other side of the draw to Arsenal and Atletico, Marseille will have their sights set on a final outing on French soil.
They overturned a 1-0 first-leg deficit against RB Leipzig in the quarter-finals to prevail 5-2 in the return date and keep their dreams alive.