Arsenal's latest bid to become champions of Europe for the first time in the club's 137-year history will begin on Thursday with a trip to Atalanta in Italy.
The Gunners will also face Paris Saint-Germain, Shakhtar Donetsk, Inter Milan, Sporting Lisbon, Monaco, Dinamo Zagreb and Girona during the league phase of the revamped UEFA Champions League.
Bookmakers currently rate Arsenal as the third most likely team to win the Champions League this season, behind Manchester City and Real Madrid.
However, Owen Hargreaves - who won the tournament with Bayern Munich in 2001 and then again with Manchester United seven years later - thinks the Gunners will probably fall short for two main reasons.
Speaking to Metro this week, Hargreaves suggested that Mikel Arteta's current squad was too inexperienced - and perhaps naive - at the top level of European football.
Arsenal's players pictured celebrating after beating Spurs in the Premier League on Sunday
Hargreaves also claimed that there was not enough strength in depth at Arsenal, compared to the likes of City and Madrid.
Former England star Hargreaves - who will form part of TNT Sports' punditry team during the Champions League this season - explained: 'I don't know if it's naivety but I think they're pretty inexperienced at that level.
'I can't think of many who had been there before last season – Jorginho was probably one of the few guys, Gabriel Jesus but he was a squad player at City – so I think it takes time.
'You saw that in those Bayern games, and Bayern were struggling at that point but were probably worthy winners over the two legs. So I think it takes a bit of time.'
Hargreaves added: '[Signing] Raheem Sterling on loan is quite interesting because he gives them experiences and extra depth to give them somebody who's kind of been there in those games and understands what it takes.
'Kai Havertz has done an amazing job as a striker but I'm maybe slightly surprised that they didn't add one other player to help out.
'We've seen it's hard [to win the Champions League] – look at Paris Saint-Germain who have invested billions and haven't been able to win.
'I do think that Arsenal are going up – they'll win trophies. But the competition gets fiercer every year and that lack of depth could cost them.'
Havertz scored the winning goal for Chelsea against Man City in the 2021 Champions League final, when Sterling was on the losing side.
Arsenal topped their group in last season's Champions League, taking 13 points from six games against PSV Eindhoven, Lens and Sevilla.
The Gunners then progressed past Porto via a penalty shootout before losing 3-2 to Bayern on aggregate in the quarter-finals.
Arteta's men lost to Sporting on penalties in the Europa League's round of 16 in the 2022-23 campaign.
Arsenal have only twice gone beyond the quarter-finals in the Champions League. First in 2006, when they were beaten by Barcelona in the final. Then again in 2008, when they lost 4-1 over two legs against Hargreaves' United in the semis.