The Turkish club, whose participation in the tournament remains in doubt, host the first leg against Arsene Wenger's side on August 20Fenerbahce captain Emre Belozoglu has backed his side to cause an upset against Arsenal in their Champions League play-off tie.
The Turkish club will host the first leg on August 20, before the return leg the following week, although their participation in the tournament remains in doubt "pending disciplinary and CAS proceedings".
This will be the sixth time in eight seasons Arsenal face the hurdle of a play-off to reach the Champions League group stage.
"If we can compete well, I believe we have a chance against them," Emre explained.
"We want to gain an advantage by getting a good result in the first match with the support of our fans."
Meanwhile, PSV coach Phillip Cocu is relishing the prospect of facing AC Milan in his side's Champions League play-off fixture.
The Dutch outfit, who finished second in the Eredivisie last term, beat Belgian side Zulte-Waregem in the previous round of qualifying, to set up a meeting with Massimiliano Allegri's men.
Cocu's side will go into the two-legged contest as underdogs, but the 42-year-old is relishing the opportunity to try and knock out one of Europe's biggest clubs.
"It will be a difficult task for sure, but also a nice challenge which will allow us to see how we measure up to them," he told reporters.
"They might be busy reducing the age of their squad, but it is still of a high level."