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.
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.
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
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.