The two north London rivals are second and third in the list of the competition's most historically successful clubs and both are enjoying good Premier League form.
Manchester United has won the competition 11 times, more than any other team, but the Gunners are just one behind on 10 and Spurs sit third on the all-time list with eight.
The last major trophy that Arsene Wenger collected was the FA Cup in 2005, following a penalty shootout victory over Manchester United, but Arsenal is pushing to finally add to its honor roll this season, sitting top of the Premier League after three straight victories, giving the club a total of 45 points after 20 matches.
Arsenal's latest triumph came in a 2-0 win over Cardiff City on New Year's Day, courtesy of late goals from Nicklas Bendtner and Theo Walcott, and the England international believes that a never-say-die attitude can help his side end its trophy drought.
"If you want to win titles then you have got to go to the end and the thing about this team at the moment is that we never give up," he told reporters. "Every game that we win, the belief gets stronger and stronger."
Tottenham is also in good form heading into the clash, with new boss Tim Sherwood overseeing three wins and a draw in four Premier League matches at the helm.
A 2-1 victory at Manchester United on Wednesday was particularly impressive and leaves Spurs just two points adrift of the Champions League places.
Forward Emmanuel Adebayor has played a key role in Tottenham's resurgence under Sherwood, including scoring the opener against United, but faces a battle to be fit to face his former side after being taken off on a stretcher against the reigning champion.
The two sides last met in the competition at Old Trafford in April 2001, with Arsenal winning 2-1 to reach the final. The Gunners also triumphed over Tottenham at the last-four stage in 1993 before going on to complete an FA and League Cup double.