By Fernando Kallas MADRID (Reuters) -Real Madrid beat city rivals Atletico 4-2 on penalties to reach the Champions League quarter-finals following an enthralling last-16 tie which ended 2-2 after extra time in a raucous atmosphere at Metropolitano on Wednesday.

Arsenal take on PSV on Wednesday, March 12, at the Emirates Stadium in north London. Kickoff is set for 8 p.m. GMT local time in London, making it an 9 p.m. CET start in Europe. It's a 4 p.m. ET or 1 p.m. PT kickoff in the US and Canada, and a 7 a.m. AEDT start in Australia on Thursday morning.

Its city rival and record 15-time European champion won the first leg 2-1 with a crucial goal from Brahim Diaz to continue dominance of the Madrid derby on Europe’s biggest stage. A team from Madrid is likely to face Arsenal in the quarterfinals unless a miracle helps PSV Eindhoven come back from a massive 7-1 home loss in the first leg,