Running for over a century, the fixture marks the end of pre-season and signals the beginning of the competitive campaign in earnest.
Pep Guardiola and Maurizio Sarri will take part in the game for the first time in their careers and it is set to be an intriguing encounter as two of the country's best teams collide.
Ahead of the game, Goal takes a look at the origins of the match, as well as why it is no longer known as the 'Charity Shield'.
What is the Community Shield?
The FA Community Shield is a single-game 'super cup' competition played between the reigning Premier League champions and the holders of the FA Cup.
In the event that the Premier League winner also wins the FA Cup, then the team that finished second in the league provides the opposition.
As the name suggests, the proceeds from the game are distributed among community initiatives and charities across England.
Revenue from ticket and programme sales is distributed to the 124 clubs that competed in the FA Cup to be donated to local projects of their choice. The remainder of the money that is raised goes to the FA's national charity partners.
The match takes place prior to the beginning of the Premier League season, which usually kicks off a week later.
A successor to the 'Sheriff of London Shield', which saw a professional club take on an amateur club, the competition was first played in 1908, meaning that 2018 is its 110th anniversary.
When & why did it change from 'Charity Shield'?
While an entire generation has grown up knowing the competition only as the Community Shield, that was not always its name.
From its inception in 1908 until 2002, the curtain-raiser was actually called the 'Charity Shield'.
The FA altered the name of the curtain-raiser after not meeting the standards set forth in the United Kingdom's charity law, with the Charity Commission concluding that they broke regulations by not informing ticket holders of the exact details regarding how the charities would benefit
Nevertheless, the essential idea and how the revenue is distributed remains essentially the same, with the FA keen to engage more with football in communities while complying with regulations.
"We want to ensure that good causes continue to receive financial support from football through the FA Community Shield," FA spokesperson Adrian Bevington said following the official name change in 2002.
"Additionally, we want to see individuals who are some of the game's real heroes receive recognition for their great work."
Where is the Community Shield played?
As with most high-profile games in England, such as tournament and play-off finals, the Community Shield is held at Wembley Stadium.
The venue - in its previous form - first hosted the game in 1974 and did so each year until 2000, when it closed to allow the redevelopment of the stadium.
While the new Wembley was being built, from 2001 to 2006, the Millennium Stadium in Cardiff, Wales was used as an alternative.
Prior to 1974, the fixture was played at various neutral grounds around England, including Stamford Bridge (which hosted the first edition), Highbury, White Hart Lane and Old Trafford.
Other grounds such as Villa Park, Goodison Park, St James' Park and Anfield have also hosted the game, while Maine Road was the last venue for the match before the move to Wembley.
When is the 2018 Community Shield?
|Game||Chelsea vs Man City|
|Date||Sunday August 5|
|Time||3pm BST / 10am ET|
The 2018 Community Shield between Manchester City and Chelsea will take place on Sunday, August 5 at Wembley.
It is scheduled to kick off at 3pm BST (10am ET).
City take their place in the game as Premier League champions, while the Blues won the FA Cup.
Who won the 2017 Community Shield?
The Blues went ahead in the game when Victor Moses struck in the first half and they looked set for victory until the closing stages of the game when they lost Pedro to a red card and Sead Kolasinac equalised.
Extra-time saw no change and the game thus went to penalties. The first three spot-kicks were converted until Chelsea goalkeeper Thibaut Courtois sent his over.
Alex Oxlade-Chamberlain followed Courtois' miss by scoring, allowing Giroud to take the honours with the winning kick.
The 2017 triumph marked the Gunners' 15th title, moving them level with Liverpool as the second most successful team to play in the competition.
Manchester United are the most successful team in the history of the Community Shield, with 21 titles.