The Ligue 1 club finished top of Group C, with their reward for that achievement a reunion with former boss Arsene Wenger.
Wenger spent seven years in charge at the Stade Louis II, guiding Monaco to the Ligue 1 title in 1988, and should be expected to triumph against his old club.
Jardim's men conceded just one goal in the group stage but, despite their defensive solidity, the Portuguese coach knows his side will need to be on top form to reach the quarter-finals.
"Arsenal are a very good team. They are used to this kind of game, which is why I feel they are favourites," Jardim said.
"Arsenal have a lot of quality players like Olivier Giroud or Alexis Sanchez. Whatever happens, we'll play to win as we always do."
Midfielder Jeremy Toulalan disagrees with his coach's assessment and feels that the tie will be finely balanced.
"We did well against them in pre-season [when Monaco won 1-0 in the Emirates Cup], though this will be a completely different challenge," Toulalan said.
"For me, we have a 50-50 chance. It'll make Arsene Wenger happy, I think, to come back here, as well as the French players in the squad.
"The Arsenal players are technically gifted and fleet of mind and foot. Of course it'll be difficult.
"I know Olivier Giroud well, it'll be nice to come up against him on the pitch. We'll go to the Emirates with our strengths. We're not an easy team to play against."
