The A-League Men's champions, who finished the regular season in second spot, have been drawn in Group G alongside the Malaysians, Bali United (Indonesia) and Stallion Laguna FC (Philippines).
It will be the Mariners' first venture outside Australia since their last appearance in the Asian club competition in 2015.
Last season's runners-up Terengganu sit sixth in Malaysia's Super League, while Bali United are currently seventh in Indonesia's Liga 1 table. Stallion Laguna FC are third in the Philippines' top league.
Fellow A-League club Macarthur have a much tougher job ahead of them. The Bulls will go toe-to-toe with Shan United in Group F, the Myanmar team sitting top of their country's national league.
The south-west Sydney club will also face Filipino runners-up Dynamic Herb Cebu FC and reigning Cambodian champions Phnom Penh Crown FC in Group F.
"Competing in Asia is a major milestone for our club and we are proud to represent south-west Sydney on the continental stage," Macarthur coach Mile Sterjovski said.
"We know it won't be easy to travel away with difficult climates and long trips ... but we are very much looking forward to the challenge."
Macarthur clinched their spot in the tournament by taking out the 2022 Australia Cup, while Central Coast earned their spot with their second-place finish in the league.
The 2023/24 tournament will begin on September 18.
A-League minor premiers Melbourne City will feature in the AFC Champions League, the confederation's top-tier competition.
The draw for the AFC Champions League, which includes Cristiano Ronaldo's Al Nassr, will also be conducted on Thursday AEST.
The winner of the Asian Champions League will qualify for the 2025 FIFA Club World Cup in the United States.
GROUPS INVOLVING AUSTRALIAN AFC CUP CLUBS:
Group F: Dynamic Herb Cebu FC (PHI), Macarthur FC (AUS), Shan United (MYA), Phnom Penh Crown FC (CAM)
Group G: Terengganu FC (MAS), Bali United (IDN), Stallion Laguna FC (PHI), Central Coast Mariners (AUS).
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