Arzani has been out since early November 2018 after suffering an injury to his anterior cruciate ligament (ACL) which required surgery.
The 20-year-old is back in training and while is unlikely to start against Sarajevo, he has been included in the squad.
Fellow Aussie Tom Rogic is also in the squad for tomorrow morning's (AEST) game that will take place in Bosnia and Herzegovina.
Celtic head into the first qualifying round match as favourites as they aim to go further than last season's third qualifying round exit.
Coach Neil Lennon said he was anticipating a tough match.
“These are the most difficult games,” said the manager.
“The Champions League and everything that comes with it is brilliant, but the hard work is getting there. We could have had an easier draw, but the guys know what the incentives are and they know what’s at stake."
CELTIC SQUAD:
Goalkeepers:
Craig Gordon, Scott Bain.
Defenders:
Kieran Tierney, Boli Bolingoli, Jack Hendry, Jozo Simunovic, Christopher Jullien.
Midfielders:
Scott Brown, Ryan Christie, Maryan Shved, Scott Sinclair, Tom Rogic, Olivier Ntcham, Callum McGregor, Luca Connell, Lewis Morgan, Eboue Kouassi, Daniel Arzani.
Strikers:
Leigh Griffiths, Vakoun Issouf Bayo, Odsonne Edouard.
