The decision comes after it was established that the London clubs could finish level on points and both goal difference and goals scored.
Such an event could only occur if Chelsea drew against Everton and Arsenal beat Newcastle by a one goal margin – though the Gunners would need to score two more than the Blues in each scenario.
The result would be for a one-off match to be played at Villa Park on Sunday 26 May, with automatic qualification for the Champions League and an extra £755k up for grabs.
|PREMIER LEAGUE LATEST
|50/1||BetVictor offer 50/1 on a third-place play-off taking place
“In this eventuality the Premier League has made arrangements for a single match to take place between Arsenal and Chelsea at Villa Park on Sunday 26 May 2013 at an early afternoon kick-off time to be confirmed.
“Tickets will be allocated equally between each club and will be priced at £30 and £20 with concessions for children and senior citizens priced at a 50% reduction.
“The Premier League has consulted with the two clubs throughout the process of planning for this potential match with all parties in agreement that, should it be required, it should take place as soon as possible after the end of the season. The Premier League would like to thank Aston Villa for their cooperation in this matter.”
Meanwhile, the league’s chief executive Richard Scudamore has revealed that a similar situation occurred in 1996, with a potential pay-off being planned to be hosted at Wembley.
Speaking to Absolute Radio's Rock 'N' Roll Football, Scudamore said: “Manchester United v Newcastle, it could have come down to this. We were all planned up.
“I wasn’t here but Mike Foster, who is now the Football Secretary, got all the tickets printed and got the whole thing ready and organised, and we’ve had meetings here this morning.
“In fact there’s work going on in this building as I’m speaking to you putting plans together should it happen.”
Tune in for the full interview on Absolute Radio on Sunday May 19th from 2.30pm. Go to www.absoluteradio.co.uk for more.