The visitors, who sit in second place, are three points adrift of group leaders Arsenal, and they could also qualify for the knockout rounds if results go in their favour.
Match preview
Arsenal Women have performed well in their Champions League campaign, collecting 10 points from their four group games.
After thrashing Lyon 5-1 and beating Zurich 3-1, the Gunners had to settle for a point when they faced Juventus on matchday three.
Although they were unable to get the better of Juventus in Turin, they managed to secure a narrow 1-0 victory over the Italian side last week.
Arsenal recorded a third straight win at the weekend after coming from behind to beat Aston Villa 4-1 thanks to strikes from Vivianne Miedema, Katie McCabe and Jordan Nobbs, as well as a Rachel Corsie own goal.
The Gunners will now turn their attention back to the Champions League, where they will book their place in the knockout rounds if they avoid defeat by four goals or more.
Meanwhile, Lyon have recovered from a demoralising 5-1 defeat to Arsenal on matchday one to pick up seven points from their last three group games.
After drawing 1-1 with Juventus, the defending European champions recorded two victories over Zurich by a combined 7-0 scoreline to move into second place.
Lyon know that they could reach the last 16 if they beat Arsenal and Juventus lose to Zurich in the group's other game.
Sonia Bompastor's side may head into Thursday's game in a downbeat mood after losing 1-0 to title rivals Paris Saint-Germain on Sunday.
That defeat saw them relinquish top spot to PSG, but they will have to put their Division 1 Feminine title pursuit on hold against Arsenal, as they look to extend their unbeaten away run to eight games in all competitions.
Arsenal Women Women's Champions League form:
D
W
W
W
D
W
Arsenal Women form (all competitions):
W
L
D
W
W
W
Lyon Women Women's Champions League form:
L
D
W
W
Lyon Women form (all competitions):
Team News
Arsenal are expected to be without the services of Kim Little, Lina Hurtig and Beth Mead due to injury issues.
Leah Williamson and Laura Wienroither are set to return to the side after dropping down to the bench against Aston Villa.
Miedema will retain her place in the starting lineup, and she will be looking to score in a fifth consecutive game in all competitions.
As for the visitors, they are still unable to call upon the injured trio of Ada Hegerberg, Griedge Mbock and Catarina Macario.
Sara Dabritz and Ellie Carpenter are also expected to miss out, although Amadine Henry returned from a short spell on the sidelines to feature as a substitute against PSG, and she will be on the bench once again on Thursday.
After dropping out of the side at the weekend, Janice Cayman and Signe Bruun could be brought back into the starting lineup.
Arsenal Women possible starting lineup:
Zinsberger; Wienroither, Wubben-Moy, Williamson, Catley; Maanum, Walti; Foord, Miedema, McCabe; Blackstenius
Lyon Women possible starting lineup:
Endler; Cayman, Gilles, Renard, Bacha; Egurrola, Van de Donk, Horan; Cascarino, Malard, Bruun