Arsenal's latest bid to become champions of Europe for the first time in the club's 137-year history will begin on Thursday with a trip to Atalanta in Italy.
The Gunners will also face Paris Saint-Germain, Shakhtar Donetsk, Inter Milan, Sporting Lisbon, Monaco, Dinamo Zagreb and Girona during the league phase of the revamped UEFA Champions League.
Bookmakers currently rate Arsenal as the third most likely team to win the Champions League this season, behind Manchester City and Real Madrid.
However, Owen Hargreaves - who won the tournament with Bayern Munich in 2001 and then again with Manchester United seven years later - thinks the Gunners will probably fall short for two main reasons.