Arsenal have a poor record against the reigning Bundesliga champions, having never beaten them in the knockout stages of the competition.
Arsene Wenger's men warmed up for the showdown at the Allianz Arena with a 2-0 victory at home to Hull last Saturday.
But Sky Sports pundit Nicholas thinks there are three reasons behind why Arsenal could be edged out against Bayern Munich – Alexis Sanchez, Francis Coquelin and Laurent Koscielny.
"Arsenal are a better counter-attacking team these days so not having too much of the ball isn't a major concern, but Mesut Ozil and Alexis Sanchez, as much as I think of them, just don't deliver enough in the big games," Nicholas told Sky Sports.
Alexis Sanchez has struggled of late for Arsenal
Charlie Nicholas thinks Robert Lewandowski could give Laurent Koscielny the runaround
Arsenal 2-0 Hull: 10 key statistics from the match
Sat, February 11, 2017
Express Sport brings you 10 key statistics from Arsenal's 2-0 win over Hull City at the Emirates
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Express Sport brings you 10 key statistics from Arsenal's win over Hull
Mohamed Elneny will come back in and unfortunately Francis Coquelin will be in there
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"Mohamed Elneny will come back in and unfortunately Francis Coquelin will be in there.
"I say unfortunately because even though he's got that graft the team are lacking, he also has a red card in him. Then I'd like to see Granit Xhaka in there to make up three in that middle area to protect the defence.
"Arsene Wenger will go with Sanchez up front and I'd play Theo Walcott and leave Alex Iwobi out as I think Theo is more of a goal threat on the counter-attack.
"If they get this system right then I think Arsenal can walk away with a 1-1 draw, but I fear Laurent Koscielny will get exposed by Robert Lewandowski."