The comedic spot, created by Lucky Generals, shows players from the north London club highlighting personal attributes that they can't change.
Midfielder Santi Carloza peers up at the camera and says, "I can't change my height", while a topless Olivier Giroud says, "I can't help that I'm gorgeous". The ad concludes that fans and players alike "can change the game", by wearing rainbow bootlaces to support gay footballers.
The ad, screening in cinemas and on TV this week, is an extension of the much-lauded Rainbow Laces campaign which launched last year.
A host of brands are also on board for this year's activity, which is run in partnership with gay rights charity Stonewall. London's Metro will devote its 8 September edition to the campaign, with a tailored masthead and all display ads referencing the campaign.
Premier Inn – which will become Premier Out – Sony PlayStation, Heineken, PepsiCo and Starbucks are among those that will run ads in Metro in support of the drive.
Rainbow bootlaces will again be sent to every single professional footballer in the UK, including youth and women's teams. Fans can show their support by tweeting under #rainbowlaces.
Last year's campaign saw players from 54 clubs wearing the shoe laces, including Arsenal, along with players from other sports, politicians and actors.
"Last year’s Rainbow Laces was a great start but there’s still a long way to go to tackle homophobia both on and off the pitch," said Stonewall boss Ruth Hunt. "The clubs and players supporting the campaign and lacing up this weekend are taking a powerful stand against homophobia in our national game."