Olympiakos have also signed playmaker Alexandro Silva de Sousa -- also known as Dudu -- from CSKA Moscow.
Arsenal were drawn in Group H alongside Dutch side AZ Alkmaar, Greek side Olympiakos and Belgium's Standard Liege.
The results mean Arsenal top the group with 13 points, Olympiakos are on seven and Liege on four.
Arsenal have been drawn against AZ Alkmaar, Olympiakos and Standard Liege, while Rangers will play Sevilla, Stuttgart and Unirea Urziceni.
In the other group match, Vassilis Torosidis scored a late header to give Greek champions Olympiakos a 1-0 win over AZ Alkmaar.
The Ukrainian side sealed their place with a 1-0 home win over Olympiakos, courtesy of a scrappy late goal from Brazilian midfielder Edman.
Despite the defeat, Standard Liege can still reach the knockout stages after AZ Alkmaar and Olympiakos drew 0-0 in the other group match.
Bozidar Bantovic, Olympiakos's third manager this season, handed ex-Blackburn forward Derbyshire his Champions League debut in a bid to salvage something from the first leg.
He became the first player to reach 50 Champions League goals when he was on target in the 2-1 group-stage victory over Olympiakos in 2005.
However, if Arsenal win at Olympiakos in the final group match -- and Liege defeat AZ Alkmaar at home, the Belgian side will snatch second place on head-to-head records.
Kazim-Richards joined Blackburn in August from Greek club Olympiakos.
Olympiakos goalkeeper Antonis Nikopolidis, making his 100th European appearance, was rarely troubled in the first half as the French side, missing injured skipper Alou Diarra, struggled to gain a foothold in the game.
Having seen what Olympiakos had to throw at them in the first period, the Blues showed greater desire to commit men forward after the break, with Ashley and Joe Cole featuring more prominently than they had earlier.
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