The in-form Netherlands international will start the clash on the bench as Oxlade-Chamberlain, Arshavin and Rosicky all earn berths in the starting XI versus the Greeks
Goal.com exclusively revealed earlier today that Gunners manager Arsene Wenger was considering resting the Dutch striker, with the north London derby against Tottenham coming up at the weekend.
Theo Walcott, Laurent Koscielny and Gervinho have been rested entirely by the Frenchman because of small injuries, but apart from that the starting line-up is fairly strong.
Former Southampton youngster – who was named earlier today in the England Under-21 squad for next week – is among the starters and partners experienced midfielders Mikel Arteta, Andrey Arshavin and Tomas Rosicky.
Alex Song starts in the slightly unfamiliar role of centre-back alongside deadline day summer signing Per Mertesacker.
Greek side Olympiakos will be hoping to cause an upset to an Arsenal side that have not yet kicked into gear following a turbulent transfer window.
However, the Gunners are unbeaten in 21 Champions League group stage home games, winning 17 of them – running all the way back to 2003.Arsenal: Szczesny; Sagna, Mertesacker, Song, Santos; Frimpong, Arteta; Oxlade-Chamberlain, Rosicky, Arshavin; Chamakh.
Subs: Fabianski, Park, Van Persie, Ramsey, Jenkinson, Gibbs, Coquelin.
Olympiakos: Costanzo, Mellberg, Holebas, Marcano, Torosidis, Ibagaza, Fejsa, David Fuster, Orbaiz, Djebbour, Mirallas.
Subs: Megyeri, Modesto, A. Papadopoulos, Potouridis, Makoun, Abdoun, Pantelic.