As expected, Arsene Wenger gives the nod to a host of youngsters keen to impress as he looks to his rest his big guns having already qualified for the last 16
Oxlade-Chamberlain, who scored in the reverse fixture against Olympiakos, comes in for Theo Walcott, whilst Chamakh is handed a rare start in place of Robin van Persie.
Elsewhere, Lukas Fabianski takes over in goal, while there are starts for Emmanuel Frimpong and Francis Coquelin, who both impressed in the League Cup defeat to Manchester City.
Rafik Djebbour leads the line for the Greek side, and with seven goals in his last nine matches, they will be looking to the Algerian for inspiration against the Gunners.
As expected, Ljubomir Fejsa and playmaker Ariel Ibagaza miss out through injury, so Kevin Mirallas will look to support the goal threat of Djebbour from a deeper position.
Olympiakos starting XI: Megyeri; Torosidis, Mellberg, A Papadopoulos, Marcano; Maniatis, Fuster, Modesto; Mirallas, Djebbour, Holebas
Subs: Costanzo, Papazoglou, Potouridis, Fetfatzidis, Orbaiz, Abdoun, Pantelić.
Arsenal starting XI: Fabianski; Djourou, Vermaelen, Squillaci, Santos; Frimpong, Coquelin, Benayoun; Arshavin, Oxlade-Chamberlain, Chamakh.
Subs: Mannone, Miquel, Yennaris, Eastmond, Ozyakup, Rosicky, Park.