With the game closing in on a penalty shoot-out, Pierre-Emerick Aubameyang put Mikel Artetta’s side 2-1 up on aggregate on the night with a goal in the 113th minute, only for Youssef El-Arabi’s 23rd goal of the season in the dying moments to send last year’s beaten finalists out by away goals.

The Gunners held a 1-0 lead following Alexandre Lacazette’s late winner in Greece and the France striker was recalled in place of Eddie Nketiah.

Bukayo Saka also came back into the starting XI having come off the bench in Sunday’s win over Everton for the injured Sead Kolasinac.

Arsenal had the ball in the back of the net minutes before the break but Lacazette’s effort was ruled out for offside.

Granit Xhaka threaded a pass through to Saka, who fired a low ball for the France striker to tap.

However, the young left-back mistimed his run and was correctly ruled offside.

Eight minutes into the second half Olympiacos scored after Pape Abou Cisse was left unmarked to head home from six yards.

It meant the tie was level overall.

And it stayed that way until Pierre-Emerick Aubameyang equalised for Arsenal on the night in the second half of extra-time.

A right-wing cross from Gabriel Martinelli was deflected and fell perfectly for the Arsenal captain to produce an acrobatic finish to put the hosts 2-1 ahead on aggregate.

Youseff El Arabi snatched a goal with one minute of extra-time remaining as he slid in Georgios Masouras’ cross, which meant Olympiacos were heading through on away goals.

Aubameyang missed a glorious chance with virtually the last kick of the game when the ball broke to the striker four yards from goal, but he somehow steered wide.