Arsenal chief Ivan Gazidis admits they've earned a good draw for their Champions League group.
Gazidis said: "A lot of people might say we are the favourites to win this group but we have not played any of these teams before and they are all champions of their respective leagues.
"Our ambition is to become the first London club to win the Champions League. We have believed in ourselves through this close season even though we have been written off and a lot of pressure has been placed on us.
"One of things we have this year is real focus game-to-game and I think if we can maintain that we can achieve great things."
Nicholas told Sky Sports News: "It's a lovely draw for the Arsenal, there's absolutely no doubt about that.
"After coming under a little bit of pressure against Glasgow Celtic I was sitting here looking at the prime draw and this is it. There's a little bit of travelling involved to Olympiakos, but Belgium and Holland are a little hop over the water.
"It's an absolutely fantastic draw. I know they've not played AZ Alkmaar or Olympiakos before, but I don't think it gets much better than this.
"You take nothing for granted at this level, but this is one where Arsenal will be able to change their team a little bit and use their squad players.
"It's a very, very good draw for the Gunners."