Chelsea ended the season 10 points ahead of the Gunners – fourth in the table – and will similarly be optimistic of taking the trophy on the day having beaten Manchester United in the last four.
The games between the two sides in the league this season finished 2-2 in January and 2-1 to Chelsea in December.
Here’s everything you need to know ahead of the match.
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
Both teams should be matched up tactically with a 3-4-3, meaning it could come down to defensive errors or individual brilliance in attack. Maybe the Gunners just have the edge going forward, but Chelsea have been more consistent this season and should edge it.
Arsenal 1-2 Chelsea