The Gunners knocked out holders Manchester City in the semis and are seeking a record-extending 14th triumph in the competition, three years on from their most recent success.
Chelsea, beaten 2-1 by Arsenal in that year's final, have secured a top-four finish in the Premier League and could make this an exceptional first campaign for Frank Lampard.
No two teams have had more success in the FA Cup since the turn of the century than Arsenal and Chelsea, lifting the famous trophy a combined 11 times since 2001.
The Gunners have so often relied on the oldest domestic cup competition of them all to salvage their campaign in recent times, and that is very much the case this time around.
That makes 2019-20 Arsenal's worst league season in 25 years, having also crashed out of the other two cup competitions they entered relatively early.
It all comes down to one game for the North London outfit, then, with victory on Saturday worth up to £30m for the club given it means automatic qualification to the Europa League.
Arsenal are synonymous with the FA Cup, though, and tend to lift the trophy when they make it as far as the final.
Indeed, they have triumphed in eight of their last nine FA Cup finals, including each of the last six - only Tottenham Hotspur (seven between 1901 and 1982) have won more in a row.
The worry for Arsenal, however, is that Chelsea are equally as prolific when it comes to getting the job done - even more so, perhaps.
After seeing off Manchester United in the semis, this will be the Blues' ninth appearance in the showpiece fixture since 1997 and they have won seven of those.
The only two defeats in that period? Both to Arsenal - in 2002 and the aforementioned meeting three years ago when Aaron Ramsey struck a late winner for the Gunners.
There is less pressure on Chelsea than their capital rivals heading into this latest tussle, it is fair to say, with the Blues enjoying a successful debut campaign under Lampard.
The club legend, in only his second campaign as a boss, has navigated a transfer ban and the exit of Eden Hazard to guide his side into fourth and back into the Champions League.
Assuming there is no upset in next week's Champions League last-16 second leg with Bayern Munich, which they trail 3-0, this is Lampard's only chance to win silverware this term.
In many ways, though, finishing fourth in the Premier League is deserving of a trophy in the current climate, ensuring that the Blues can push ahead with ambitious transfer plans.
That most recent piece of silverware was the 2019 Europa League, secured with victory over Saturday's opponents in the Baku final.
Incredibly, this will therefore be the third time in the last four seasons that Arsenal will end their campaign against Chelsea.
The sides have had a mixed time of things in those previous two finals. Now another chapter is set to be written in a battle between two managerial rookies.
Arsenal's FA Cup form: WWWWW
Arsenal's form (all competitions): DLWWLW
Chelsea's FA Cup form: WWWWW
Chelsea's form (all competitions): WLWWLW
Arsenal's long injury list is now even longer following the news that Shkodran Mustafi will not feature again until October after injuring his hamstring in the semi-final.
The Gunners have stumbled upon a formation that works well for them, though, with the 3-4-3 fielded against Man City in the semis working to perfection.
The biggest talking point ahead of this match is whether Kepa Arrizabalaga is recalled after being dropped for the final Premier League game of the season.
Giroud is aiming to become the second player to score for and against a specific side in separate FA Cup finals, having netted in Arsenal's 4-0 win against Aston Villa in 2015.
Arsenal possible starting lineup:
Martinez; Holding, Luiz, Tierney; Bellerin, Ceballos, Xhaka, Saka; Pepe, Lacazette, Aubameyang
Chelsea possible starting lineup:
Caballero; Azpilicueta, Rudiger, Christensen, Alonso; Jorginho, Kovacic, Mount; Hudson-Odoi, Pulisic, Giroud
Head To Head
In all competitions, however, the Blues have lost just two of their last 10 meetings with the Gunners.
This season's league fixtures finished in a 2-1 victory for Chelsea in December - Jorginho and Tammy Abraham scoring late on - and a 2-2 draw six months ago.
We say: Arsenal 1-1 Chelsea (2-1 AET)
History will be made on Saturday with this being the latest date an FA Cup final has ever been played.
It has been a unique campaign in so many ways and this is a fitting fixture to bring down the curtain - the most contested final in the competition's history.
Both teams have very impressive records when they reach the final, but in the here and now Chelsea finished some 10 points better off than the Gunners in the Premier League.
The FA Cup has been a welcome safety net for Arsenal in recent times, however, and we can see them edging this heavyweight clash to continue their love affair with the competition.