The Tangerines have reached the fourth round for the first time since 2007-08, seeing off Barnsley, Doncaster Rovers and QPR so far in the competition.
However, having lost 10 and won none of their previous 14 away games against this opposition, they are hefty 25/1 (26.00) outsiders with William Hill to make it to the quarter-finals for the first time since 1972 by coming out on top here.
Unai Emery’s side saw their 11-game winning streak brought to an end with a 2-2 draw at Crystal Palace on Sunday, but are massive 1/12 (1.08) favourites to get straight back to winning ways against their League One opposition.
Just one of the guests’ last 10 fixtures in this competition has resulted in a draw, but you can get odds of 9/1 (10.00) on them taking this one to a penalty shootout after a deadlocked 90 minutes.
Hector Bellerin is unlikely to feature after coming off at half-time against Palace with a muscle strain, while Nacho Monreal, Sead Kolasinac, Konstantinos Mavropanos and Laurent Koscielny are all yet to return to full fitness.
Centre back Donervon Daniels faces a late fitness test after suffering an injury in the warm-up prior to Saturday’s defeat against local rivals Fleetwood Town.
If Daniels’ last-minute injury played its part in a disappointing 3-2 derby defeat, Terry McPhillips’ team will be in for a far sterner test against a star-studded attack that has averaged 2.5 goals a game in all competitions this season.
While it is unlikely the lower league backline will manage to keep the hosts at bay, they can at least hope to put up some resistance considering 25 of the Gunners' 35 goals have arrived after the break.
Indeed, odds of 10/11 (1.91) look like solid value on Blackpool ensuring the majority of the goalmouth action taking place in the second half for Arsenal’s 10th game in 12.