The 20-year-old hasn't played a senior match since rupturing his anterior cruciate ligament during his Hoops league debut against Dundee FC in October last year.
While Arzani will be unlikely to start the match at Sarajevo's Olimpijski Stadion, it's a good sign for his prospects at the club with his inclusion in the squad.
Fellow Australian Tom Rogic was also named on the list as Celtic bid to negotiate three rounds of playoffs to qualify for the group stage of the Champions League.
Arzani is yet to establish himself at Hampden Park since joining on two-year loan deal from English giants Manchester City at the start of last season.
After taking the time to settle in the club's reserves team, Arzani earned his senior opportunity with a substitute appearance in the league, but he only lasted 23 minutes before suffering the season-ending knee issue.
Arzani first excelled for A-League club Melbourne City after being developed and introduced to the first team by former Manchester United youth coach Warren Joyce during the 2017-18 season.
His domestic form ensured he was selected for Australia's World Cup squad where he made three substitute appearances in the group stage as an impact player.
The attacker recently committed his future verbally to the Scottish champions and spoke of encouraging talks with the club's coach Neil Lennon.
Celtic's previous coach Brendan Rodgers opted to leave Arzani out of the club's Europa League list last season before the Australian's injury.
Celtic squad for the Champions League qualifier against Sarajevo.
Goalkeepers: Craig Gordon, Scott Bain.
Defenders: Kieran Tierney, Boli Bolingoli, Jack Hendry, Jozo Simunovic, Christopher Jullien.
Midfielders: Scott Brown, Ryan Christie, Maryan Shved, Scott Sinclair, Tom Rogic, Olivier Ntcham, Callum McGregor, Luca Connell, Lewis Morgan, Eboue Kouassi, Daniel Arzani.
Strikers: Leigh Griffiths, Vakoun Issouf Bayo, Odsonne Edouard.