The 25-year-old joined the Catalan giants in a £15 million (€18.5m) deal during the summer after seven years at the north London club, and the two sides could meet after the Gunners failed to win their group.
Arsene Wenger's men have been foiled three times previously by Barcelona in the Champions League, most notably in the 2006 final, along with the 2010 and 2011 knockout stages.
"Of course, I would like to play against Arsenal," Song told reporters.
"For me to go back there, where I had seven magnificent years, would be something very special.
"If we draw Arsenal I’d be happy to see the fans again, go back to the club, even though if we go there it will be to get the best result possible.
"Arsenal’s a big club, but I think Barcelona’s a level above, because of the talent of the players there.
"That’s no disrespect to Arsenal, because they have talented players, but I think the Barcelona players are above. I saw a lot of people come and a lot of people go at Arsenal."
The Cameroon international believes he has settled in well at Camp Nou, making 14 appearances for the Spanish giants so far this season.
Song still has fond memories of his time at the Emirates Stadium, but admitted the lure of Barcelona was too good to refused.
"Everything’s going well at the moment as we have started the season well," he added.
"I had some great times at Arsenal but I think it was the moment for me to change, to see something else, given the fact I had the opportunity to come to Barcelona, one of the best teams in the world."