There are eight sides remaining in the competition, including the defending champions Manchester City, with the quarter-finals due to take place on the week commencing December 21.
Six of the eight remaining clubs are from the Premier League, while there are two Championship sides hoping to cause an upset.
Brentford and Stoke City both knocked out top-flight opposition in the fourth round, with Brentford avenging their play-off final loss to Fulham with a 3-0 win and Stoke beating Aston Villa 1-0 thanks to a Sam Vokes goal.
Speaking after Arsenal knocked out his side, Jurgen Klopp told Sky Sports: "I think if there was a winner in the 90 minutes, it should've been us.
"But we're not in Dreamland - you have to score and that's what we didn't do. But I liked different parts of the game. I saw a proper performance and a lot of things that we want to have on the pitch.
"I was fine with the game and we'd have loved to have won it in the game as everyone knows it's tricky in the penalty shootout."
Gunners stopper Bernd Leno, who was named player-of-the-match, told Sky Sports: "It was a very tough game.
"We did a few changes but you could see our philosophy and intent to win this game. It's a chance to win another trophy and luckily we won the shootout.
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"It's important as a goalkeeper to save penalties but I prefer next time to win the game without a shootout. When you do win them, it's even better!
"I never feared it [losing the No 1 spot] as the club always gave me the feeling that I was the No 1. My job was to prove it every week and I think I did that tonight again."
Carabao Cup quarter-final draw
Stoke City vs Tottenham Hotspur
Brentford vs Newcastle United
Arsenal vs Manchester City