While the Championship play-off final will take place next week, this is the biggest remaining game between top-flight teams as the two Premier League sides hope to add silverware at the end of a strange and long-running season.
Chelsea beat Liverpool, Leicester and Manchester United to reach the final, while Arsenal had to edge past Sheffield United and Manchester City in the latter rounds.
Here is everything you need to know.
When is it and what time is kick-off?
The match will begin at 5:30pm on Saturday 1 August at Wembley.
How can I watch it online and on TV?
The match will be broadcast live on BBC One, BT Sport 1, BT Sport Extra 1 and streamed via the BBC iPlayer and the BT Sport app.
What is the team news?
Arsenal have a host of absentees for the final, starting in goal with Bernd Leno. In defence, Calum Chambers, Pablo Mari, Shkodran Mustafi and Cedric Soares are all injured or unavailable. Matteo Guendouzi and Mesut Ozil have been repeatedly left out by Mikel Arteta, while striker Gabriel Martinelli is also out.
Chelsea are set to be without Billy Gilmour. N’Golo Kante could return to the bench, while Kepa Arrizabalaga will likely stay there, too.
Arsenal: Martinez; Holding, Luiz, Tierney; Bellerin, Ceballos, Xhaka, Saka; Pepe, Lacazette, Aubameyang.
Chelsea: Caballero; Azpilicueta, Zouma, Rudiger; James, Jorginho, Kovacic, Alonso; Mount, Giroud, Willian.
What are the odds?
Arsenal – 12/5
Draw – 5/2
Chelsea – 6/5