The Gunners booked a place in the Last 16 in second place after beating Olympiakos 3-0 in Greece on Match Day 6.
Barcelona booked a place in the second round after topping a group which included Roma, Bayer Leverkusen and BATE.
Turkish international Arda Turan will finally be able to play for his club by the time of the clash as the FIFA transfer ban will have been lifted.
Turan joined Barcelona on a five-year deal from Atletico Madrid over the summer but has been unable to play due to the restrictions imposed club regarding registering new players.
Barcelona will be able to register the bearded winger in January but he will still miss the opening game against Arsenal as he is still serving a suspension from last seasons competition.
Arsenal will have their own player of Turkish origin Mesut Özil for the clash. The World Cup winner has been in great form providing 13 assists in 15 Premier League games this season – the highest in Europe’s top five leagues.
The full Champions League League draw is as follows:
Gent (BEL )v Wolfsburg (GER)
Roma (ITA) v Real Madrid (ESP)
Paris (FRA) v Chelsea (ENG)
Arsenal (ENG) v Barcelona (ESP)
Juventus (ITA) v Bayern (GER)
PSV (NED) v Atlético (ESP)
Benfica (POR) v Zenit (RUS)
Dynamo Kyiv (UKR) v Man. City (ENG)