Arsenal's bid to win the Champions League for the first time in their 140-year history ended in heartbreak after a penalty shootout defeat to Paris Saint-Germain.

Eberechi Eze and Gabriel both missed from the spot as PSG recorded a 4-3 shootout victory to retain their title after the game ended 1-1 as Kai Havertz's sixth-minute opener was cancelled out by Ousmane Dembélé's second-half penalty.

PSG landed the first psychological blow of the penalty shootout when they won the coin toss with the shootout taking place in front of their supporters at the Puskas Arena in Budapest.

Eze dragged his spot-kick wide before David Raya provided Arsenal with a lifeline when he saved from Nuno Mendes.

With the shootout in the balance at 3-3, Lucas Beraldo sent Raya the wrong way before Gabriel blazed over and Arsenal's dreams of following up their Premier League title with a first Champions League triumph came to a crushing end.

Gabriel, arguably Arsenal's best player on the night after he put his body on the line to keep PSG at bay across 120 minutes, responded by lifting his shirt over his face as his teammates attempted to console the agonised defender.

Arsenal had been in dreamland after just 302 seconds when Havertz vindicated Mikel Arteta's decision to pick him ahead of marquee summer signing Viktor Gyökeres.

There was more than a hint of fortune in the way the ball broke for Havertz after Marquinhos' attempted clearance smashed into Leandro Trossard's left shoulder.

But there was nothing lucky about Havertz's masterful finish. Havertz, who has form on the big stage, having fired Chelsea to Champions League glory against Manchester City five years and one day ago, took three decisive touches with his left foot before unleashing his fourth into the roof of the net.

Gianluigi Donnarumma was an immovable force across Arsenal's defeat to PSG in the semi-finals last season, and there will be question marks over his replacement, Matvey Safonov here. The Russian goalkeeper remained rooted to his spot as Havertz's thunderbolt flew past him in a flash.

(Photo by Michael Regan - UEFA/UEFA via Getty Images)

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But Arsenal had lift-off, and history was on their side, or so they thought. The previous 11 teams to take the lead in the final had gone on to lift the trophy.

After Havertz's opener -- and little did the Gunners know at that stage that it would be their only shot on target -- it became a game of attack versus defence.

Arsenal were struggling to string more than a handful of passes together, and the 17,000 fans behind Raya's goal cheered every clearance.

Fabián Ruiz headed over when he might have tested Raya, but it took PSG until first-half stoppage time to force the Spaniard into meaningful action when he saved Ruiz's half-volley.

Havertz might have had a second at the close of the first half, but a poor first touch allowed Marquinhos to divert his shot away from danger.

PSG's dominance carried over into the second half, and Arsenal's resistance finally collapsed as the game passed the hour mark.

Makeshift right back Cristhian Mosquera got caught on the wrong side of Khvicha Kvaratskhelia, and after going through the back of PSG's brilliant winger, German referee Daniel Siebert did not hesitate in pointing to the spot. Dembélé made no mistake from 12 yards, and Mosquera escaped a second caution.

The momentum was firmly with PSG, and they came within inches of taking the lead after 77 minutes. William Saliba misjudged a long ball over the top and Kvaratskhelia had Raya's goal in sight before Myles Lewis-Skelly wonderfully intervened to send the Georgian's strike on to Raya's post.

It felt as though history could be repeating for the Gunners -- who led on their sole visit to the Champions League final in 2006 only to see Barcelona strike two late goals.

Arsene Wenger, the man who took them there, watched on pensively from the stands.

Wenger's side were unable to take the final to extra time. Here, they did -- just.

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Raya beat substitute Bradley Barcola to the ball in a foot race and with a minute to go, Vitinha's curling effort rippled the top of the goalkeeper's net.

Then, in the seventh of six added minutes, Barcola wasted a golden opportunity when he rifled his breakaway effort into Raya's side-netting.

On to extra time and in the closing stages of the first half, Arsenal felt they deserved a penalty.

Noni Madueke tangled legs with Mendes, but Siebert waved away their appeals, and Declan Rice and Arteta -- furious with the verdict -- were both booked for protesting.

In the shootout, Eze missed Arsenal's second from the spot before Raya saved and Rice scored. But Gabriel sent his penalty into the stands and Arsenal's wait for European glory goes on.