Arsenal failed to make the Champions League last eight for the fifth straight season despite beating Monaco in the second leg of their last-16 tie.
Needing to score at least three unanswered away goals after a 3-1 defeat at home, they went ahead through Olivier Giroud’s close-range finish.
A lively Danny Welbeck went close to doubling the lead before half-time.
But despite Aaron Ramsey coming off the bench to score late on, with Giroud going close again, Monaco held on.
It was a heartbreaking end to Arsenal’s European campaign as they came agonisingly close to scoring the third away goal they needed to progress, a feat never before achieved in the Champions League era.
All over the pitch Arsene Wenger’s side were vastly improved from the defeat at Emirates Stadium last month and they ensured that Monaco conceded their first Champions League goals at the Stade Louis II this season.
Arguably, though, the Gunners lost this tie in the first leg through their defensive fragility, where they conceded a crucial third goal in the 90th minute.
And although they continued their fine form with an eighth win from nine games, that blip in the first leg was enough to ensure Monaco reached the quarter-finals for the first time since 2004.
They join holders Real Madrid, Bayern Munich, Paris St-Germain, Porto and Atletico Madrid in Friday’s draw.
