Arsenal will face Rangers in the semifinal of group three of the league path, the first qualifying round of the Champions League.
Should Arsenal manage to defeat their Scottish opponents they will face a tough challenge against either Atlético Madrid or Rosenborg.
If successful in the final, Arsenal will be drawn into the second round, in which Manchester City will also enter the competition.
After a disappointing exit at this stage last season, Arsenal will be aiming to redeem themselves against Rangers, who missed out on the Scottish Women's Premier League title on goal difference last season to bitter rivals Celtic.
Despite a victory over Linköping FC, Arsenal fell short against Paris FC, losing on penalties to the side that went on to beat Wolfsburg in the second qualifying round.
Arsenal's game against Rangers will take place on Sept. 4, with the final of the mini-tournament set for Sept. 7.
Either Arsenal or Atlético will host the tournament. A decision will be made on Friday, but Borehamwood -- Arsenal women's home ground -- has expressed an interest in hosting the qualifiers.