The summer signing from Real Madrid has been named among the substitutes by Antonio Conte for the traditional season curtain-raiser at Wembley, with Michy Batshuayi preferred up front.
Morata is joined on the bench by fellow new signing Antonio Rudiger while Cesc Fabregas partners N'Golo Kante in midfield with Tiemoue Bakayoko still nursing a knee injury.
The Gunners, meanwhile, are without both Mesut Ozil and Alexis Sanchez, with Danny Welbeck and Alex Iwobi supporting Lacazette in a front three.
Arsenal's other summer signing, Sead Kolasinac, is only a substitute, with Alex Oxlade-Chamberlain selected on the left-hand side.
Arsenal XI: Cech; Holding, Mertesacker, Monreal; Bellerin, Elneny, Xhaka, Oxlade-Chamberlain; Welbeck, Lacazette, Iwobi.
Subs: Ospina, Kolasinac, Willock, Nelson, Maitland-Niles, Walcott, Giroud.
Chelsea XI: Courtois; Azpilicueta, David Luiz, Cahill; Moses, Fabregas, Kante, Alonso; Willian, Batshuayi, Pedro.
Subs: Caballero, Rudiger, Christensen, Scott, Boga, Musonda, Morata.