The sides could not be separated when they met at Stamford Bridge in the first leg earlier in the month, with neither team finding the net, so the tie is delicately poised.
Antonio Conte's Blues come into the game on a 12-game winning streak and brimming full of confidence following their 4-0 win over Brighton at the weekend.
Arsene Wenger's men, similarly, enjoyed a big win at the weekend, but their form has been disappointing since the turn of the year.
|Game||Arsenal vs Chelsea|
|Date||Wednesday, January 24|
|Time||20:00 GMT / 15:00 ET|
TV CHANNEL & LIVE STREAM
In the United States (US), the game can be watched live on television on ESPN Deportes.
Alternatively, is 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 Football and it can be streamed live online using Sky Go.
|UK TV channel||Online stream|
|Sky Sports Football||Sky Go|
SQUADS & TEAM NEWS
|Goalkeepers||Cech, Ospina, Macey|
|Defenders||Debuchy, Mertesacker, Koscielny, Holding, Monreal, Mustafi, Chambers, Bellerin, Mavropanos, Kolasinac, Osei-Tutu|
|Midfielders||Ramsey, Wilshere, Ozil, Iwobi, Reine-Adelaide, Xhaka, Maitland-Niles, Elneny|
|Forwards||Lacazette, Akpom, Dasilva, Nelson, Nketiah|
There are a number of injuries in the team, with Danny Welbeck and Olivier Giroud both set to miss out, while Nacho Monreal will undergo a late fitness test.
Potential Arsenal starting XI: Cech; Mustafi, Mertesacker, Holding; Kolasinac, Bellerin, Wilshere, Ozil, Xhaka, Ramsey; Lacazette.
|Goalkeepers||Caballero, Courtois, Eduardo|
|Defenders||Rudiger, Alonso, Zappacosta, Christensen, Azpilicueta, Luiz, Ampadu, Sterling, Baba|
|Midfielders||Drinkwater, Kante, Barkley, Hazard, Pedro, Bakayoko, Moses, Musonda, Willian, Scott, Hudson-Odoi|
Andreas Christensen was taken off with a head injury at the weekend against Brighton and may sit out the game as a precaution.
Alvaro Morata missed the game with a back injury and is still considered a doubt, while Cesc Fabregas and Gary Cahill will definitely miss out. Thibaut Courtois is also likely to be absent.
Potential Chelsea starting XI: Caballero; Rudiger, Azpilicueta, Luiz; Zappacosta, Alonso, Kante, Barkley, Hazard, Bakayoko; Batshuayi.
BETTING & MATCH ODDS
Arsenal are slight favourites according to dabblebet, who rate the Gunners at 17/10 to win. Chelsea are priced at 13/8 and a draw is considered a 23/10.
An air of change has blown through Arsenal in the past week with the departure of Alexis Sanchez and the arrival of Henrikh Mkhitaryan, and the Gunners will hope that their 4-1 win over Crystal Palace on Saturday - which ended a four-game winless run - is also a sign of things to come.
It has been a disappointing season for Wenger and his charges in north London and, with a top-four finish far from certain, the Carabao Cup represents one of their few shots at a silver lining, having already been dumped out of the FA Cup.
However, they will face a difficult task in the form of Conte's Blues, who, while shorn of a number of key players, have managed to avoid defeat since early December, stringing together a series of impressive results along the way.
The clash at the Emirates on Wednesday evening will be their fifth competitive encounter this season and, while Arsenal won the Community Shield, every game has ended as a draw. So, even though they tallied eight goals between them at the weekend, it is likely to be a finely balanced affair.