Keith Millen takes temporary charge following the surprise departure of Tony Pulis Thursday evening, while Alexis Sanchez is set to make his Premier League debut.
The 56-year-old took over from Ian Holloway at Selhurst Park last November with Palace in the bottom three and managed to steer the club to an 11th-placed finish in the Premier League.
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But Pulis, who was named as the Premier League’s manager of the year in May, had become dismayed by Palace’s transfer policy and left the club on Thursday evening after unsuccessful talks with co-chairman Steve Parish.
Keith Millen takes temporary charge of the first team and could hand debuts to Fraizer Campbell and center back Brede Hangeland, but there are doubts over the availability of Damien Delaney (knock), Adrian Mariappa (rib) and Jonathan Williams (thigh).
While the mood at Palace appears somewhat despondent, there is a stark contrast at Arsenal, which heads into the clash on the back of an excellent 3-0 victory over Premier League champion Manchester City in the Community Shield last Sunday.
Santi Cazorla, Aaron Ramsey and Olivier Giroud were all on target at Wembley, with summer signings Mathieu Debuchy, Calum Chambers and Alexis Sanchez also featuring.
Alexis' 31.8 million pound arrival from Barcelona has particularly caught the imagination at the Emirates Stadium and the forward's signing has added to the feel-good factor that has grown since Arsenal ended a nine-year trophy drought by beating Hull City in the FA Cup final in May.
Midfielder Ramsey believes Arsene Wenger's men can use that momentum to push for the Premier League title this season after finishing fourth last term.
"I think there's going to be about six teams involved right until the wire," Ramsey told the club's official website. "It's going to be difficult but I think we have a great team here and great team spirit. We're in a good place at the moment.
"Hopefully we can get off to a good start in the season and put [ourselves] in a good position."
Ahead of the match, Wenger revealed center back Laurent Koscielny (Achilles) should be fit to play.
However, Abou Diaby (hip), Theo Walcott (knee), Ryo Miyaichi (knock), Serge Gnabry (knock) and summer signing David Ospina (thigh) will miss out.
Wenger also hinted last week that Arsenal's Germany international trio of Per Mertesacker, Lukas Podolski and Mesut Ozil would not feature after their World Cup-winning exploits.