The draw for the league phase of the Champions League will take place on Thursday evening.
All 36 clubs have been grouped into four pots.
No matter which pot they find themselves in, each team will face eight different opponents — two from each pot.
UEFA restrictions mean there is same-country protection. Arsenal cannot play fellow English clubs from Pot 1 or Pot 2 (Manchester City, Liverpool, Aston Villa and Manchester United).
There are also country limits. A maximum of two opponents can be drawn from any single country.
The repetition rule means Arsenal cannot face Inter Milan away at the San Siro due to a UEFA rule preventing identical away fixtures in three consecutive campaigns, although an at-home match remains possible.
The Premier League champions could face PSG, Bayern Munich, Real Madrid, Barcelona, Atletico Madrid or Inter Milan (home) from Pot 1.
Mikel Arteta’s men could play Borussia Dortmund, Roma, Sporting, FC Porto, Club Brugge, Real Betis or PSV from Pot 2.
Their possible opponents from Pot 3 are Feyenoord, Lille, Bodø/Glimt, Napoli, RB Leipzig, Villarreal, Fenerbahçe, Shakhtar Donetsk and Galatasaray.
From Pot 4, Arsenal could play any of Slavia Prague, ŠK Slovan Bratislava, VfB Stuttgart, AEK Athens, LASK, Como, Lens, Viking or Sabah.
Champions League draw: Teams that Arsenal could face in league phase