While the Foxes currently occupy third place in the Premier League table, Arsenal are 11th and looking to get back on track following defeat to Manchester City.
Ahead of a return to league action for both sides, LCFC.com takes an-depth look at the Gunners' squad, manager, recent form and much more...
The squad
The Gunners possess one of the most talented squads in English football, added to by the arrival of two new faces on loan during the January transfer window. Goalkeeper Mat Ryan joined from Brighton & Hove Albion along with Real Madrid's highly-rated youngster Martin Ødegaard.
There were also several departures, including Ainsley Maitland-Niles' loan move to West Bromwich Albion and Joe Willock joining Newcastle United for the remainder of the season. Sead Kolašinac and William Sailba both left the club on loan, to Schalke and Nice respectively, while Mesut Özil's transfer to Fenerbahçe was confirmed and Sokratis also departed.
In the summer, meanwhile, Pablo Marí and Cédric Soares completed permanent moves, from Flamengo and Southampton respectively, before the free transfer of Brazilian midfielder Willian was confirmed from Chelsea.
A reported £23M was also spent on taking Gabriel from Lille in September, while more summer business involved tying striker Pierre-Emerick Aubameyang down to a new contract.
Dani Ceballos had his loan from Real Madrid extended, while the Gunners also completed the signing of defensive midfielder Thomas Partey from Atlético Madrid for a reported £45M fee.
Youngsters Bukayo Saka, Kieran Tierney and Emile Smith Rowe have all impressed, with Smith Rowe currently Arsenal's top assist maker in the Premier League (4), while only Alexandre Lacazette and Aubameyang have scored more league goals than Saka (5).
The manager
Mikel Arteta is into the second season of his maiden managerial role after replacing Unai Emery in December 2019, signing a deal until 2023, after leaving his role as Manchester City's assistant manager.
After emerging through FC Barcelona's world-renowned academy system, the Spaniard enjoyed a successful career as a player, often operating as a central midfielder.
His first taste of senior football, meanwhile, came during a year-and-a-half loan spell at Paris Saint-Germain, where he lifted the Intertoto Cup in 2001 before moving to Rangers.
In Scotland, he netted a penalty on the final day of the 2002/03 season as Rangers completed a domestic treble of Scottish Premier League, Scottish Cup and Scottish League Cup honours.
Arteta's second - and final - season north of the border was less successful as Martin O'Neill's Celtic reasserted their dominance over the Scottish game and Rangers finished second.
A year at Real Sociedad was supposed to coincide with a reunion with childhood friend Xabi Alonso, but when he left to join Liverpool, Arteta's new side struggled in La Liga.
That brought about a move to David Moyes' Everton, in the Premier League, where Arteta would help the Toffees regularly challenge for European qualification over six seasons.
In 2011, he moved to the capital to join Arsène Wenger's Arsenal, lifting two FA Cups and Community Shields with the Gunners, before retiring from playing in 2016.
Immediately after, he linked up with Pep Guardiola to become his compatriot's assistant manager at Manchester City, playing a role in the club's two-year dominance over English football.
Despite missing out on the title in 2016/17 to Chelsea, Man City earned successive Premier League triumphs the following two years, sealing 100 and 98 points on each occasion.
The 2017/18 title success coincided with a League Cup win, while the following campaign ended in a domestic treble, with Guardiola's men defeating Watford 6-0 in the FA Cup Final at Wembley.
Last term, Arteta's first in the managerial hot seat, ended with an eighth-place finish in the Premier League and an Emirates FA Cup triumph over Chelsea, lifting silverware at Wembley for the fourth time in seven years.
The Spaniard became the first person to win the competition as both captain and manager of Arsenal. The Gunners beat Liverpool 5-4 on penalties in the 2020 Community Shield to earn Arteta his second successive Wembley trophy, ahead of his role being changed from head coach to manager in September.
Form guide
Mikel Arteta's men have been on a difficult run of form of late, winning just one of their last five Premier League matches - a 4-2 triumph over Leeds United. Pierre-Emerick Aubameyang netted his first Arsenal hat-trick, while Héctor Bellerín was also on the scoresheet at Emirates Stadium.
That result, on 14 February, was their first three points since a comprehensive 3-1 success over Southampton in late January, though they were defeated 1-0 by Manchester City last time out.
In the UEFA Europa League, however, Arsenal came from behind to record a 3-2 victory over Benfica at Karaiskakis Stadium in their last 32 second leg clash on Thursday and progressed into the next stage of the competition, winning 4-3 on aggregate.
Previous encounters
City have enjoyed several memorable results against the Gunners, winning four and drawing one of their last six Premier League clashes.
In the reverse fixture in October 2020, the Foxes recorded their first away win at Arsenal in 47 years, thanks to Jamie Vardy's late strike at Emirates Stadium on matchday five - his 11th goal in 12 games against the Gunners.
And the most recent league meetings at King Power Stadium also ended in success for Brendan Rodgers' men, with Vardy and James Maddison on the scoresheet during a 2-0 win on 9 November, 2019.
Up until May 2018, however, Leicester had endured a 23-game Premier League winless run against the north London outfit, spanning most of Arsène Wenger's spell in charge.
Trophy cabinet
Arsenal's status as one of the elite clubs in English football is proven by the array of trophies secured over their entire history.
The Gunners are 13-time champions of England, most recently during the staggering 'Invincibles' season of 2003/04, when they went an entire campaign without defeat.
They are also record 14-time holders of the FA Cup, including seven triumphs in that competition in the 21st century alone, culminating in yet another success at Wembley last term.
However, their League Cup record is surprisingly less envious - with only two victories to their name - in 1987 and 1993, while they have won the Community Shield 16 times also.
Their one European honour was a UEFA Cup Winners' Cup win in 1994.
The stadium
After spending 93 years at Highbury, Arsenal made an emotional move to the breathtaking 60,704-capacity Emirates Stadium in 2006.
Emirates Stadium is the fourth-largest football venue in England after Wembley Stadium, Old Trafford and the newly-opened Tottenham Hotspur Stadium.
With cannons positioned outside the venue, alongside several statues of club legends, the Gunners have made it their home in recent seasons.
It has also staged eight Brazil fixtures since its opening, most recently a 1-0 victory for the five-time world champions over Uruguay in November 2018.
Upcoming fixtures
Arsenal face another away game on Sunday 6 March, taking on Burnley at Turf Moor (12:30pm kick-off), before a two-legged tie against Olympiacos.
The Gunners' Europa League Round of 16 clash with the Greek champions begins on Thursday 11 March and concludes with the second leg a week later.
There's the small matter of the north London derby in-between, with Tottenham Hotspur visiting Emirates Stadium on Sunday 14 March (4:30pm kick-off).
Then it's a trip to London Stadium to face capital rivals West Ham United on Sunday 21 March (3pm kick-off), to conclude the north Londoners' March schedule.
All times GMT.