The home side are favourites and have lost just twice in their last 42 home games in the competition.
The Gunners have never lost at home to Greek opposition in Europe, while Olympiacos have won just three of their 56 away games in the Champions league, losing 43.
Additionally, the visitors have lost all 10 away matches against English opposition - scoring just twice.
The two sides have met in the group stages in two of the last three seasons, with Arsenal scoring two goals and registering victories in both games at Emirates Stadium. With that in mind, a 2-0 home win can be backed at 4/1.
*Fancy winning 4 VIP tickets to see Arsenal v Schalke? Open an account with GunnersGaming and you will receive an entry into the prize draw for every £10 you wager before October 21.