Harry Kane stroked the visitors ahead on 28 minutes as Spurs earned a deserved lead, one that looked on course to see them win all three points at the home of their bitter rivals.
However, Gibbs came off the bench to rescue an unflattering point for the hosts, who move level with Manchester City at the top of the Premier League.
Below, relive the drama with our live text coverage.
Like Arsene Wenger's modelling career, there is a school of thought that Arsenal's title bid was over before it even started. The Frenchman signed ONE player during the summer - and it was goalkeeper Petr Cech. Their lack of transfer activity, coupled with an opening-day defeat to West Ham, and things weren't looking great for Arsenal on the title front. But fast forward three months and the Gunners are smack bang in the thick of it, winning eight of their first 11 games to sit level with Manchester City - and, bizarrely, Leicester City - at the top of the Premier League. But today, Wenger and co face a rigouorous examination of their title credentials as Tottenham Hotspur make the short trip to the Emirates for what promises to be a brilliant North London derby. Wenger's modelling career is still dead as the dodo, though.
There's plenty to get through this evening, but first, let's take a quick look at the team news. Actually, scrap that. First, mosey on down to Sports Mole HQ and check to see what the lads have had to say about this one.
Being polite, we'll start with our visitors this evening and we can confirm that Mauricio Pochettino makes three changes from their 2-1 win at home to Anderlecht on Thursday. Kieran Trippier is removed at right-back by Kyle Walker, while Moussa Dembele - who netted a late winner against the Belgians - and Danny Rose come in for Ryan Mason and Ben Davies. Harry Kane continues up top, while Son Heung-min returns to the matchday squad.
On to the Gunners now and Wenger makes one change from their demoralising 5-1 defeat by Bayern Munich on Wednesday, with Laurent Koscielny returning to defence in place of Gabriel. In-form Mesut Ozil continues behind lone striker Olivier Giroud, with Alexis Sanchez and Joel Campbell providing wide support. Mathieu Debuchy continues at right-back for the injured Hector Bellerin, while Petr Cech is between the sticks. David Ospina is back on the bench following a brief absence with injury.
Four miles separates both clubs in geography. A gulf separates them in history, but Spurs have been bridging the gap to Arsenal in terms of quality in recent years and, at the moment, they really aren't far away at all. Pochettino's side have lost one Premier League game all season - an opening-day defeat at Manchester United. Since then, they've won five and drawn five - including a 4-1 victory over Manchester City. When Spurs are good, they're very good and three points is by no means a foregone conclusion for the hosts here.
With Arsenal, you never know when the wheels are going to come spinning off their Premier League campaign, but history suggests that they will come off at one point. Without a title success since 2004, it's been a rocky road back to the big time for Wenger and co who, in truth, have looked like the real deal this season. Here's why:
Okay so they lost to Chelsea, the team that nobody loses to this season, but other than that it's been a league campaign littered with positives. This time last month, Arsenal had spanked Manchester United 3-0 at the Emirates, courtesy of a rip-roaring first 20 minutes. Factor in a 5-2 win away to in-form Leicester, and a couple of 3-0 scalps away to Watford and Swansea City and it paints a very pretty picture for the Gunners' title hopes.
But let's not get carried away. Their injury list is starting to resemble something from World War 2, with Hector Bellerin, Theo Walcott, Alex Oxlade-Chamberlain, Aaron Ramsey, Jack Wilshere, Danny Welbeck AND Tomas Rosicky on the treatment table - not the one table, which would be madness. Indeed, the casualties are piling up and it remains to be seen if their remaining players are good enough to ride out this storm.
STATS THE WAY WE LIKE IT: As you can probably tell, we'll be looking at a few statistics now because, well, why not? Despite Spurs' excellent form, history doesn't favour them this evening. Indeed, Tottenham have only managed one victory at Arsenal in all competitions over the last 22 years! That was a 3-2 win here at the Emirates back in 2010 I believe, with the hosts spurning a two-goal lead that day.
Furthermore, did you know that it's been 17 years since the Gunners last failed to score a home goal against their local rivals? I can't recall that match, because I was 10 and my life was Goldeneye on the Nintendo 64 back then. But it's 2015, which means that such information is readily accessible. It was a 0-0 draw at Highbury in 1998.
It's worth mentioning that this is also the second North London derby of the season, with Arsenal winning 2-1 at Spurs in a third-round League Cup affair in September. None other than Mathieu Flamini was the hero that night, scoring twice, but there'll probably be a more likely hero for either side this evening. Kane? Giroud? Eriksen? Ozil? We'll know in due course.
PREDICTION! How do we see it then? I fancy it to be one of the best North London derby's in recent memory - one that Arsenal will edge. Despite shipping five on Wednesday, Arsenal have only conceded eight times in the Premier League - one less than Spurs - and that defence will be key against a Tottenham side that is scoring goals for fun domestically. The hosts are hardly enduring goal-shy form, scoring 16 in their last five, and we reckon they'll just have too much for Pochettino and co on the day. So, 2-1 is how it'll be.
Mr Kruger has a point here. With Manchester City drawing 0-0 at Aston Villa earlier today, victory for Arsenal would see the move top heading into the international break. Now that's pressure.
#Spurs are always due one big win against a top 4 side. Could today be that day? Also #Arsenal aren't always keen on playing under pressure.
KICKOFF: And we're off at the Emirates! Spurs, playing from right to left in this half, get us underway. Cracking atmosphere so far as you might expect.
Lovely little turn by Alexis to stave off Kyle Walker here, as the Chilean lobs it forward for Olivier Giroud but Hugo Lloris is off his line sharpish to pick up the pieces. Giroud is a man in form - their top goalscorer - so he'll need to be watched.
It's end to end this. It's ridiculously open as both sides trade counter-attacks which are destroyed by Eriksen and Giroud respectively. We said this would be a cracker and it's started out like that.
Arsenal very nearly get in behind Spurs for the first time as Sanchez clips the ball over the back four for Campbell, who is too left-footed and he can't keep it in play. The Gunners knocking it around nicely.
Good pressure by Arsenal here and Campbell's right-footed cross deflects off Rose for a corner, which amounts to nothing. Still, the hosts well on top in this first 10 minutes or so.
It's better from Spurs now as the advancing Danny Rose crosses across the face of goal, but Petr Cech anticipates it well and collects the ball. There's certainly goals in this one.
Campbell has seen plenty of the ball early on but, crucially, he doesn't look like he knows quite what to do with it. He scored on his first Arsenal start last week, so he's a threat. No doubt.
Dembele could be a massive player for Spurs today. The Belgian midfielder has seen plenty of the ball in the middle of the park, and his powerful running makes him a big, big threat. You just can't get the ball off him sometimes.
Swift Arsenal counter-attack sees Sanchez win a corner off Vertonghen. Ozil has a missile thrown at him - I mean a lighter or something, not a real missile - but, unlike a real missile, his delivery is anything pinpoint and the attack comes to nothing. Overall, Arsenal just shading it.
SHOT! This is the Lilywhites' first shot I think as Dembele's drive is deflected wide for a corner, which is taken short and Eriksen eventually curls wide of the mark. No goals inside 20 minutes, but a very even game. If it ends 0-0 I'll eat a bike.
Danny Rose goes to ground after appearing to catch a flailing arm from Joel Campbell. Arsenal put it out and the home fans aren't best pleased, but the Spurs left-back is back up and play is resumed.
CHANCE! We've seen very little of Harry Kane so far, but his tenacity wins a free kick from Ozil now and Eriksen will swing this in. The Dane finds Eric Dier at the back post and the midfielder headers wide. Big chance that.
Giroud is Spurs' defensive midfielder this evening. He has broken up quite a lot of Arsenal attacks on his own, but he's always dangerous, the Frenchman.
I have to say - Nacho Monreal has been absolutely outstanding this evening. He has saved Arsenal on a number of occasions with his brilliant reading of the game. He's been fantastic.
It's gone a bit sloppy now, for the first time in the game. We've exceded the half-hour mark and no clear-cut chances to speak of as of yet. It started out really open but it's been much tigher since.
We said there's been no clear-cut chances, but here's the first one and Kane takes full advantage. He's been played in one-on-one by Rose I think as Per Mertesacker went walk about, and the 22-year-old finishes brilliantly past Cech into the corner. Big, big test for Arsenal now.
Bit of controversy here as Giroud goes down in the box in an off-the-ball incident with Vertonghen. Furious, the big Frenchman gets straight up and shoulder barges his Belgian counterpart and he's still furious about it. Plenty of spice in this one now.
Wenger is looking a little stressed, constantly rubbing his face. Arsenal have been out-played in this first 38 minutes or so, but the hosts, this season, have been a second-half team.
Better from Arsenal as Sanchez tries to flick home Campbell's low cross, but he was offside anyway. The hosts are being penned into their own half now. Spurs have been excellent off the ball.
Three minutes to go in this half and Arsenal need something different. This isn't going well for them. They've had virtually no clear-cut chances and Wenger needs to sort it out at half time.
So, Spurs move halfway toward securing the North London bragging rights as Harry Kane fired Tottenham into a 1-0 half-time lead. Deserved? Probably. Overall they've been the better, more dangerous side, and the Gunners need a hugely-improved second-half display. Remember - victory for Arsenal would see them move top of the Premier League table, but there's a big mountain ahead of them.
SAVE! Excellent save by Lloris, who's had nothing to do so far, but he kepts out Campbell's left-footed drive here and Arsenal have their tails up. Much, much better from Arsenal.
Dele Alli has been excellent off the ball, this is much too easy for him as he casually tackles Joel Campbell, who's had good and bad moments in this one.
CLOSE! This could very, very easily be 1-1 as Eriksen exchanges a slick one-two with Kane before watching his deflected effort sail wide. The corner comes to nothing.
Dembele is a terminator. I wouldn't be surprised to discover he arrived in London completely naked following an electrical storm. He's been an animal in this first 53 minutes and Ozil cope with him.
OFF THE BAR! Arsenal are so, so close to an opening as Ozil's deep free kick is headed against the bar by Giroud. We've got a very, very special 35 minutes or so in store.
Oh my good lord what is going on here? Petr Cech is about 30 yards off his line and he thinks he has all the time in the world, but Kane picks his pocket from behind, though it falls to a red shirt thankfully. That was like Arsenal of old.
CHANCE! Oh...my...god. Giroud drops to his knees instantly after missing a header from about five yards out. A free header, that is. I'm telling you now - Arsenal will NOT get a better chance.
SAVE! Spurs very nearly catch Arsenal with their pants down as the Gunners shoot themselves in the foot yet again. It's Eriksen, whose first-time curler is parried away by Cech.
Brilliant covering from Kyle Walker now as he comes across to snuff out Sanchez's counter-attack. That's the difference. Spurs desperately want this and that's why they're in complete control.
WHAT A SAVE! Cech had a mare a minute ago, but oh my word what a way to atone for it. It's a quite superb point-blank save to keep out Alderweireld from a corner. Fabulous instincts.
CLOSE! About 18 minutes to go and, as it stands, Arsenal will be lucky to lose this by one goal! They can't get out of their own half and Kane drills wide from outside the box. It's astonishing. It's like they're the home team, and like they're the ones chasing the game. No urgency or passion from Arsenal.
SUB: Arsenal make their second sub now as Gibbs replaces the quiet Joel Campbell. That sums up Arsenal's injury woes. They're losing, but a left-back is their best option from the bench.
We played down Gibbs' arrival, saying he's only a left-back, but he's pulled an equaliser out of nowhere as he gets the run on Walker to nudge it past Lloris at the back post. Brilliant ball from Ozil.
SHOT! Arsenal well and truly have their tails up now and Giroud sends a left-footed volley over the bar. It's a funny old game football, isn't it? Just minutes ago, Spurs were ever so comfortable, but chants of Arseal echo around the Emirates now.
Pochettino looks like a man who has caught his mate in bed with his sister. He looks absolutely disgusted at this, and so he should. If Spurs don't win, and they still might, he'll be furious.
That's all she wrote, my friends. Kieran Gibbs came off the bench to rescue a very, very unflattering point for Arsenal who, on another day, could have lost this and lost well. Spurs will be disappointed, bitterly so, but the Gunners, to their credit, come out without defeat. Anywho, that's us. Thanks for joining our live text coverage and we'll see you next time.
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