The Gunners hold a remarkable 3-0 first-leg lead after a stunning night at the Emirates Stadium, which saw Declan Rice score two free kicks before Mikel Merino added a third goal.
Madrid have never come back from a three-goal deficit in a Champions League tie and, according to Opta, have just a four per cent chance of reaching the semi-finals.
The Spanish giants will still hold fear for most, though, having produced impressive comebacks in the competition previously on their way to a record-smashing 15 trophy wins.
But Keane believes Arsenal players and fans alike can rest easy at the Bernabeu next week.
"The game is over, Arsenal are 3-0 up and worried – relax," he said.
"This is not the great Real Madrid team. They’re not even going to win the league this year – this is a poor Real Madrid team."
Ian Wright on the Stick to Football podcast
Stick to Football podcast
Gunners legend Ian Wright was less convinced, but believes Arsenal have put themselves in a fantastic position to reach the semi-finals.
He added: "It was an amazing game. I think everybody played well – [Jacob] Kiwior did very well and so did Thomas Partey. Especially [Bukayo] Saka, being 50% fit – he was amazing.
"The manager has always gone on about the group and their mentality and they had to show it in that game. There were times that I thought Real Madrid played well and the crowd were going off it in that place.
"Real Madrid have never come back from a 3-0 down in the first leg. They've never done that so hopefully we won't be the first. However, they have players that can score goals quickly."
Roy Keane and Ian Wright were speaking on the Stick to Football podcast, brought to you by Sky Bet
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