But it is unlikely he will relish returning to England for a match that Arsenal will be strong favourites to win.
"I think of all the teams we could have had, that is the toughest - or one of the toughest.
"I expected one of the English teams - fate deals you certain cards and it has dealt us this card. On one hand it is very, very tough - we know that - but on the other very exciting," he told Sky Sports.
McClaren may not be the only coach returning to his native country as former Arsenal boss Bruce Rioch could be taking Danish champions Aalborg to Rangers.
Former Scotland captain Rioch's side have a 5-0 first-leg lead over Modrica so should make it through to the third qualifying round.
Liverpool, who were beaten by Chelsea in the semi-finals last year, will fancy their chances of getting past Standard Liege.
The Reds will play their first leg away from home - as will Arsenal and Rangers, too, provided the Glasgow side make it through.
Elsewhere in the draw, highly-fancied Barcelona will play either Beitar Jerusalem or Wisla Krakow and Italian giants Juventus face Tampere United or Artmedia Bratislava.
UEFA CHAMPIONS LEAGUE Third qualifying round draw:
Anorthosis/Rapid Vienna v Olympiakos Vitoria Guimaraes v IFK Gothenburg/Basel Shakhtar Donetsk v Domzale/Dinamo Zagreb Schalke 04 v Atletico Madrid Aalborg/Modrica v Kaunas Barcelona v Beitar Jerusalem/Wisla Krakow Levski Sofia v Anderlecht/BATE Standard Liege v LIVERPOOL Inter Baku/Partizan v Fenerbahce/MTK Budapest FC Twente v ARSENAL Spartak Moscow v Drogheda/Dinamo Kiev Juventus v Tampere/Artmedia SK Brann v Marseille Fiorentina v Slavia Prague Galatasaray v Steaua Bucharest Panathinaikos/Dinamo Tbilisi v Sheriff Tiraspol/Sparta Prague
First legs to be played on 12/13 August, second legs on 26/27 August.
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