The Gunners will take on Olympiakos away from home in Greece in the Champions League Group F, and former Arsenal forward Nicholas has backed them to register a 2-1 victory with Wales international midfielder Aaron Ramsey to score first.
“Arsenal can do it, there's no doubt about that, but I'm not totally convinced that they will because the injury situation is a dramatic one,” the former Celtic forward predicted on Skysports.com.
“Theo Walcott and Alex Oxlade-Chamberlain coming back and Aaron Ramsey and Olivier Giroud scoring goals gives me hope,” added Nicholas.
“I see Arsenal scoring their two goals but I have a horrible feeling that they'll get into a good position and then concede and go out.”
A footnote added: “Charlie predicts: Arsenal win 2-1 with Ramsey to score first.”
Arsenal are not guaranteed of a place in the knockout stages of Europe’s premier club competition and have to be on top of their game against Olympiakos.
The Gunners will head into the game against Olympiakos on the back of a 3-1 victory over Sunderland at the Emirates Stadium in the Premier League.
Arsene Wenger’s side will be favourites to win, but the players will have to maintain the high standards and always maintain concentration.
The North London outfit cannot afford to concede the first goal, as that will make their task of winning very difficult.