The winner of the all-Premier League affair will take on either Lincoln City or Liverpool next week for a place in the quarter-finals.
Leicester and Arsenal have both made impressive starts to their Premier League campaigns by winning two games from two.
The Foxes, who somehow missed out on a top-four finish last season after badly drifting away, have defeated West Bromwich Albion and Burnley to top the table.
Arsenal have seen off Fulham and West Ham United in their opening two fixtures, meanwhile, having also edged out Liverpool on penalties in the Community Shield.
Focus now switches to the domestic cup and the chance to continue building some momentum in the opening month of a campaign unlike any other.
This will be just the third time Leicester and Arsenal have met in the EFL Cup, sharing a win apiece in those previous two encounters.
Avoiding defeat at Leicester is not something Arsenal have done a lot of in recent times, though, losing each of their last three games at the King Power Stadium in all competitions.
The Foxes have lost just one of their last 14 games in the competition, meanwhile, in a run that has seen them reach at least the quarter-finals in each of the last three campaigns.
That is an impressive record, but one that Arsenal can better - they have progressed past this stage of the EFL Cup in 16 of the last 17 seasons, failing only in 2014-15 against Southampton.
Arteta has already won two trophies in his nine months in North London, though it remains to be seen just how seriously he will take the EFL Cup, with a trip to Premier League champions Liverpool to come next weekend.
Similarly, Leicester face a tricky trip to Manchester City four days after this showdown with Arsenal, so Brendan Rodgers will likely rotate his squad between matches.
If that is the case, it could well come down to who boasts the better squad depth between these two in-form sides.
Leicester City form (all competitions): WW
Arsenal form (all competitions): WWW
Mesut Ozil has not been part of Arsenal's matchday squad for their first two games back, but the playmaker is not carrying an injury and may be in Arteta's thoughts here.
Kelechi Iheanacho, another who will be keen to get the nod, has been involved in 11 goals in 14 EFL Cup appearances for the Foxes.
Leicester City possible starting lineup:
Ward; Justin, Morgan, Soyuncu, Thomas; Choudhury, Mendy; Gray, Maddison, Albrighton; Iheanacho
Arsenal possible starting lineup:
Macey; Cedric, Saliba, Luiz, Holding, Kolasinac; Elneny, Guendouzi; Pepe, Nketiah, Saka
We say: Leicester City 1-2 Arsenal
Arsenal are winless in their last three games against Leicester and have lost three in a row at the King Power Stadium.
However, with both teams expected to rotate for this midweek cup tie, we can see the Gunners' squad depth telling in a narrow away victory.
Top betting tipOur expert tipster partners at Sporita.com are predicting under 3.5 goals in this match. Click here to find out what else they are predicting for this game and for more of their tried-and-tested football tips.Under 3.5:curl
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