Arsenal are one of three English sides in the draw with Chelsea and newcomers Manchester United.
The Gunners, who beat Barcelona 1-0 in last season's final, will also play Benfica, Twente of the Netherlands and Belgians OH Leuven in the 18-team league phase, in which all clubs play six matches -- three at home and three away.
Last season, Arsenal beat Lyon and Real Madrid in the knockout rounds en route to their second Champions League crown in May. They met Bayern twice in the group stage.
Chelsea will host three-time champions Barcelona, who have featured in six of the past seven finals, as well as twice former winners Wolfsburg, Roma, St Poelten from Austria, Paris FC and Twente.
The Blues have won the last six Women's Super League titles and clinched a domestic treble last term, but were thrashed by Barcelona in the semi-finals in Europe.
United's debut campaign in the Champions League will pit them against Lyon, Wolfsburg, Paris Saint-Germain, Juventus, Valerenga from Norway and Atletico Madrid.
"We are history makers," United coach Marc Skinner said on Thursday after their 3-1 aggregate qualifying win over Brann.
"I said to the players at the end, we've got to go in there and not just make up the numbers, we have to go and really be excited by the opportunity to play against Europe's best teams."
The top four in the standings qualify directly for the quarter-finals, while the teams finishing fifth to 12th will advance to a knockout play-off round.
The first round of games in the league stage will be played on October 7-8.
Under the revised format that replaces the old group stage, aligning the competition more closely with the men's version, two more teams take part in the single-league phase.
The final is to be held in Oslo in late May.