It is Pep Guardiola's first shot at winning a trophy with City and the Catalan will be keen to succeed, particularly after being knocked out of the FA Cup a week before.
For the Gunners and Arsene Wenger, the game is one of their few remaining opportunities to clinch a piece of silverware this season and it is one trophy that has managed to elude the French boss during his time in England.
The teams played each other in the league back in November with City easily coming out on top on that occasion, so Arsenal will feel they have a bigger point to prove.
|Game||Arsenal vs Manchester City|
|Date||Sunday February 24|
|Time||16:30 GMT / 11:30 ET|
TV Channel & Live Stream
In the United States (US), the game can be watched live on ESPN Deportes and can be streamed live online using WatchESPN.
|US TV channel||Online stream|
In the United Kingdom (UK), the game can be watched live on TV on Sky Sports Premier League and it can be streamed live online using Sky Go.
|UK TV channel||Online stream|
|Sky Sports Premier League||Sky Go|
Squads & Team News
|Goalkeepers||Ospina, Cech, Macey|
|Defenders||Mertesacker, Koscielny, Holding, Monreal, Mustafi, Chambers, Bellerin, Kolasinac, Mavropanos, Osei-Tutu|
|Midfielders||Mkhitaryan, Ramsey, Wilshere, Ozil, Iwobi, Xhaka, Maitland-Niles, Elneny, Dragomir, Gilmour, Willock|
|Forwards||Aubameyang, Welbeck, Dasilva, Nelson, Nketiah|
Two players who are definitely ruled out for Arsenal are Alexandre Lacazette, who recently underwent surgery on a knee injury and Santi Cazorla, who has been troubled by an ankle complaint.
There had been concerns over whether Aaron Ramsey would be available, but the Wales international looks likely to be involved in some capacity.
Potential Arsenal starting XI: Cech; Monreal, Koscielny, Mustafi, Bellerin; Wilshere, Xhaka, Ozil, Mkhitaryan, Ramsey; Aubameyang.
|Position||Man City players|
|Goalkeepers||Bravo, Ederson, Grimshaw|
|Defenders||Walker, Danilo, Kompany, Stones, Laporte, Adarabioyo, Otamendi, Duhaney|
|Midfielders||Sterling, Gundogan, De Bruyne, Sane, B. Silva, D. Silva, Fernandinho, Zinchenko, Toure, Foden, Diaz, Dele-Bashiru|
|Forwards||Aguero, Nmecha, Jesus|
Guardiola has a number of injury concerns to deal with such as Raheem Sterling, who suffered a strain in the Champions League and could be unavailable.
Gabriel Jesus could potentially return to the matchday squad having resumed training, but Fabian Delph is suspended and Benjamin Mendy remains out with an injury.
Potential Man City starting XI: Ederson; Walker, Otamendi, Laporte, Danilo; Fernandinho, D. Silva, De Bruyne; Sane, Aguero, B. Silva.
Betting & Match Odds
Man City are favourites to win the Carabao Cup with dabblebet offering odds of 4/7 on them to beat Arsenal in the final. The Gunners, meanwhile, are priced at 9/2 and a draw - which would see the game go to extra time - is a 7/2 bet.
Manchester City are cruising towards Premier League glory but they can collect their first bit of silverware of the season by beating Arsenal in the final of the Carabao Cup.
Guardiola's seemingly invulnerable side had been tipped for a quadruple season, but Wigan Athletic put an end to that chat by knocking them out of the FA Cup last week. However, a treble remains a distinct possibility if they can overcome the Gunners.
They will have confidence that they can do so, having already dismantled Wenger's side at the Etihad earlier this season, beating them 3-1, but, at the same time, they will not have forgotten last season's FA Cup semi-final, in which Arsenal emerged victorious.
A win for City will see Guardiola claim his first ever trophy since arriving in England in 2016, but an Arsenal win will also be a first for his counterpart Wenger, who has never hoisted the cup over his head in his two-decade-plus reign in North London.
Arsenal last won the competition 25 years ago in 1993 when George Graham was at the helm and a triumph would see the Frenchman add it to a trophy cabinet that contains seven FA Cups and three Premier League titles.
Not only that, but it would have the effect of ensuring continental football in the form of the Europa League and adding a silver lining to a season that has been beset with a myriad of problems.