The Swedish side, under the stewardship of Englishman Graham Potter, have already defied their detractors on numerous occasions to reach this stage of the competition.
Ostersunds beat Hertha Berlin in the group stage but defeating Arsenal over two legs, however, would represent their most significant scalp to date.
Indeed, dabblebet’s 4/9 (1.44) quote for an Arsenal win is indicative of the perceived gulf between these teams.
Ostersunds have won five of their six Europa League ties on home turf this season and can be backed at 6/1 (7.0) to come out on top on Thursday.
The same firm go 16/5 (4.20) that the tie remains level ahead of next week's return leg in north London.
Alexandre Lacazette is out for six weeks after knee surgery, whilst Pierre-Emerick Aubameyang is ineligible for the Europa League.
Wenger fielded a second string side throughout the group stage but could name a stronger XI here given the Gunners faltering top four credentials.
Alhaji Gero has scored twice in the competition this term and the 24-year-old Nigerian striker is expected to lead the line against the Gunners.
Ostersunds to keep Arsenal at bay
Potter's side have kept a clean sheet in all but one of their six Europa League ties on their own patch this season and dabblebet offer 9/2 (5.50) that the Swedish side shut out the Gunners.
The underdogs can also be backed at a chunky 10/1 (11.0) to win without conceding.
Tips and predictions
Arsenal rounded off the group stage with a thumping 6-0 win against BATE Borisov, but Ostersunds will surely offer more resistance and Wenger's inexperienced side can expect a tight tussle in Sweden.
Potter's men will be determined to frustrate the Premier League outfit so dabblebet's 17/20 (1.85) quote for fewer than three goals to be scored could represent decent value for punters ahead of Thursday's tie.