The Gunners will enter the match off the back of three straight Premier League victories, but Newcastle are winless in their last six matches in all competitions during a disappointing run.
There was serious pressure on Arsenal boss Mikel Arteta when Manchester City recorded a 4-1 victory at the Emirates Stadium in the quarter-finals of the EFL Cup on December 22.
However, it has been a strong couple of weeks for the capital outfit, who have beaten Chelsea, Brighton & Hove Albion and West Bromwich Albion in their last three league fixtures to rise into 11th position in the table.
Arteta's side actually now have three games in a row on home soil, welcoming Crystal Palace and Newcastle in their next two league matches before travelling to Southampton on January 26.
Arsenal are the holders of the FA Cup, beating Chelsea in last season's final to lift the trophy for the 14th time, making them the most successful side in the history of the competition.
The Gunners have recorded four straight wins over Newcastle in the league, but this weekend's clash will be the first time that the two teams have met in the FA Cup since January 2008, when the London club recorded a 3-0 victory to advance to the fifth round of the competition.
Newcastle, meanwhile, are six-time winners of the FA Cup but have not won the trophy since 1955; the Magpies reached the quarter-finals of last season's competition, though, before losing to Man City.
Clubs across England are expected to make wholesale changes to their usual starting XIs in the third round of the FA Cup, and it would not be a surprise to see Steve Bruce take similar action as his team are currently on a poor run of form in England's top flight.
Newcastle picked up a point at home to Liverpool at the end of December but will enter this match off the back of a 2-1 defeat to Leicester City, while they have not won in the league since December 12.
A total of 19 points from 16 matches has left the Magpies in 15th spot in the table, and there is little doubting that next week's clash with Sheffield United in the league is more important than this FA Cup third-round contest against the holders.
Arsenal FA Cup form: WWWWWW
Arsenal form (all competitions): DLLWWW
Newcastle United FA Cup form: DWDWWL
Newcastle United form (all competitions): LDLLDL
Arsenal's injury problems have eased considerably, and there is a chance that summer arrival Thomas Partey could feature on Saturday, with the midfielder recovering from a thigh issue.
Gabriel Magalhaes could, in theory, also be available, but Arteta will need to assess the centre-back's fitness as he has only just recently recovered from coronavirus.
There are expected to be a number of changes for the home side this weekend, with Alex Runarsson, Dani Ceballos, Cedric Soares, Ainsley Maitland-Niles, Gabriel Martinelli and Joe Willock all in line for starts.
Isaac Hayden is available following a one-game ban, but the midfielder could be on the bench as Bruce prepares to hand opportunities to players currently out of the side.
Arsenal possible starting lineup:
Runarsson; Cedric, Gabriel, Luiz, Maitland-Niles; Partey, Ceballos; Martinelli, Willock, Pepe; Nketiah
Newcastle United possible starting lineup:
Dubravka; Manquillo, Fernandez, Clark, Dummett, Krafth; J Murphy, Shelvey, Hendrick, Almiron; Gayle
We say: Arsenal 2-0 Newcastle United
Both managers are expected to make wholesale changes to their starting teams this weekend, but we are struggling to see anything other than a comfortable home win. Newcastle have really struggled in their recent games with the Gunners, who will enter the match in good confidence.