Mikel Arteta’s team have seen an upturn in fortunes and confidence since he took over from Unai Emery, but there’s still a long way to go for the Gunners to get back to the top.
Winning silverware could be crucial in helping the current stars to decide to stay, though, such as Pierre-Emerick Aubameyang.
Frank Lampard’s side finished the Premier League season on a high as they secured a top-four spot, but a trophy to cap the campaign off would represent a huge success for the manager’s first season in charge.
Here’s all you need to know ahead of the game.
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, Maitland-Niles; Pepe, Lacazette, Aubameyang
Chelsea: Caballero; Azpilicueta, Zouma, Rudiger; James, Jorginho, Kovacic, Alonso; Mount, Giroud, Pulisic.
What are the odds?
Arsenal – 12/5
Draw – 5/2
Chelsea – 6/5