The Gunners are in Pot 2 for the ceremony, meaning the chances of a plum draw are in their favour thanks to the format of the draw.
While Paris Saint-Germain, Barcelona and Harry Kane’s Bayern Munich lurk in Pot 1, Mikel Arteta would not fear a trip to the likes of Benfica, Feyenoord or Sevilla.
Pot 2 is stacked with top teams including Real Madrid, Inter Milan and Borussia Dortmund - all of whom Arsenal will avoid, along with fellow Premier League teams such as Manchester United and Newcastle.
AC Milan and Lazio are among the mouthwatering away days on offer in Pot 3. A clash with Celtic would be a fascinating one if they are drawn out of Pot 4 to face Arsenal.
Who could Arsenal face in the Champions League group stage?
Pot 1: Sevilla, Barcelona, Napoli, Bayern Munich, PSG, Benfica, Feyenoord
Pot 3: Shakhtar Donetsk, AC Milan, Braga, RB Salzburg, Lazio, Red Star Belgrade, PSV, FC Copenhagen
Pot 4: Real Sociedad, Galatasaray, Celtic, Union Berlin, Lens, Antwerp, Young Boys
Best-case scenario: Feyenoord, Copenhagen, Lens
Group of death: Bayern Munich, Shakhtar Donetsk, Real Sociedad
When is the Champions League group stage draw?
The draw takes place roday on Thursday August 31, 2023, with the ceremony to begin in Monaco at 5pm BST.