Neil Lennon's side enjoyed a remarkable run in 2012/13, with a victory over Barcelona at Parkhead helping them into the last 16.
Matching that achievement this time around will be no easy task, with the group stage draw doing Celtic few favours.
Barcelona wait once again, along with two giants of European football in the form of Ajax and AC Milan.
Lustig admits finishing third in Group H would represent some achievement for the Bhoys, but insists they are looking forward to locking horns with some of the best sides in the business.
He said in the Sunday Mail: "Most experts will have us in last place, so right now we'd be happy with third.
"When we were playing Barcelona last year every time we got a free-kick or a corner you felt like, 'Now we've got a chance'. So it's nice to be the underdog."
Pressed on whether Celtic were looking for glamour ties in the draw or a few winnable contests, Lustig added: "A mix is always the best.
"Last year we got the glamour with Barcelona and then Spartak Moscow whom we knew we might take some points off.
"This time though? Look at the clubs, look at their history. They'll all feel they need to go through."