The Gunners have failed to get past the last sixteen stage of the competition for a very lengthy period of time, but this year they will be hoping that their fortunes change in a tournament that has never really been too kind to them.
Arsene Wenger's team reached the final in 2006, where they were defeated by Barcelona, but they haven't been able to replicate that form since that brilliant run they had to finish as runners-up over ten years ago.
Arsenal in pot two
For a second consecutive year Arsenal are one of the teams that aren't seeded as the new format means that league winners make up pot one. Therefore the Gunners will play a team that won their domestic league in the group stages, and they'll be hoping that that won't be Bayern Munich who they faced in last season's competition.
Also in pot two are 2015/16 finalists Atletico Madrid and Borussia Dortmund, who have been busy improving their squad over the summer. Meanwhile UEFA Europa League winners Sevilla also make up pot two, alongside Porto, Napoli and German side Bayer Leverkusen.
None of the pot two teams can face each other which means Arsenal won't be up against what many would consider as potential dark horses for the tournament.
Potential tough group
Arsenal can't face any English opponents in the group stages, as the rules state that no team can be drawn against another team from the same country. However it has the potential to be a very tough draw for Wenger's men with the North London club facing off against a European league winner from the previous season.
Out of pot one, they could face Spanish titans Real Madrid or Barcelona or even Bayern again. Juventus and Paris-Saint Germain also feature in pot one, along with what would be considered the easier teams Arsenal could face; Benfica and CSKA Moscow.
The Gunners won't want to finish second in their group again, but being drawn with one of Europe's big boys could mean they may have to settle for second place, and a tougher last 16 tie if they make it that far.
The remaining pots
Pot three contains rivals Tottenham, but of course they can't face them, but they could come up against one of the following; Dynamo Kiev, Lyon, PSV, Sporting Lisbon or Club Brugge. Meanwhile in pot four, Monaco, Besiktas, Legia Warsaw and Ludogorets Razgrad are potential group stage opponents for Arsenal.
There are also a few teams that still need to be placed into pots ahead of tomorrow's draw that the Gunners could come up against. Basel and Celtic still require placing into a pot, whilst some qualifiers remain tonight in order to determine the final set of team's in this year's tournament.
Granit Xhaka's former side Borussia Monchengladbach are set to be in the group stages, whilst the likes of Ajax, Copenhagen and Dinamo Zagreb, who Arsenal played last year, still have jobs to do on Wednesday night.
Best case scenario: CSKA Moscow, Club Brugge and Ludogorets.
Worst case scenario: Bayern, Juve, Real or Barcelona from pot one, Lyon or Sporting out of pot three and Monaco out of pot four.