The Spanish side knocked out the Gunners on their way to lifting the trophy and over the summer Diego Simeone's squad has been strengthened.
New Arsenal manager Unai Emery has plenty of experience of facing Los Rojiblancos from his time in Spain, although his record against them is poor having recorded just three wins in 23 games.
Nevertheless, Arsenal are favourites for the clash in Singapore's National Stadium, with dabblebet pricing them at 23/20 (2.15) to record a win.
Arsenal have taken a strong squad to Singapore although new signings Stephan Lichtsteiner and Lucas Torreira have not traveled.
Atletico have practically their entire first eleven missing, with the likes of Antoine Griezmann, Diego Costa, Diego Godin, Koke, Saul and new record signing Thomas Lemar all absent.
The fact that it will be very much a second string Atletico side is why Arsenal are clear favourites.
Emery's men also have also played a game this summer already, with their now traditional friendly against Boreham Wood seeing them rack up an 8-0 win.
Things should obviously be considerably tighter against one of the best defensive sides in the world, who should have first choice goalkeeper Jan Oblak between the sticks.
Pre-season matches usually lack intensity and in the oppressive humidity of Singapore there is every chance that this game sees few clear cut opportunities.