Celtic open the tournament at the Gunners' north London home against Lyon at 2pm on July 31 before Arsene Wenger's side take on Italian giants AC Milan.

The Gunners will play Neil Lennon's team the following day after Milan face Champions League semi-finalists Lyon.

The winner will be decided on a system that awards the teams three points for a win, one for a draw, and further bonus point for every goal that they score.