Both of these sides boast 100% records from their first two Premier League games of the season. Brendan Rodgers' men have notched an impressive seven goals on their way to maximum points from clashes with West Brom and Burnley, conceding just twice.
Arsenal recorded a convincing opening day victory over newly promoted Fulham but were made to sweat against West Ham last time out with a late Eddie Nketiah goal eventually securing all three points.
Where to Watch on TV
When Is Kick Off? Wednesday 23 September
What Time Is Kick Off? 19:45 (BST)
Where Is it Being Played? King Power Stadium
TV Channel/Live Stream? Carabaocup.live
Referee? Peter Bankes
With Leicester facing a daunting trip to Manchester City this weekend and Arsenal preparing to visit champions Liverpool, both managers may opt to rest some of their key men.
Harvey Barnes, Jamie Vardy and Wilfred Ndidi could all sit this one out with Demarai Gray, Wes Morgan and Kelechi Iheanacho afforded some valuable game time.
James Maddison made an appearance in the second half of Leicester's win over Burnley and he's expected to start from the off as he continues his comeback from injury.
For the visitors, Mikel Arteta has confirmed the injury picked up by Kieran Tierney before Saturday's clash with the Hammers is nothing serious, though he's unlikely to be risked. Nicolas Pépé and Nketiah are both expected to be named in the starting XI.
Leicester: Schmeichel; Castagne, Morgan, Soyuncu, Justin; Perez, Mendy, Tielemans, Maddison, Gray; Iheanacho.
Arsenal: Leno; Bellerin, Holding, Gabriel, Kolasinac; Elneny, Xhaka, Maitland-Niles; Pépé, Nketiah, Aubameyang.
Having finished last season in wretched form which saw them miss out on Champions League football, Leicester have shown great character to dust themselves off and start the 2020/21 campaign in great style.
Arsenal's shaky win over West Ham at the weekend may have pleased Arteta just as much as his side's free-flowing display at Craven Cottage on the opening weekend. The Gunners displayed grit and determination to grind out the three points against David Moyes' side and the Spanish tactician's ethos is beginning to garner results.
Leicester 4-2 Burnley (20/9)
West Brom 0-3 Leicester (13/9)
Leicester 0-2 Manchester United (26/7)
Tottenham Hotspur 3-0 Leicester (19/7)
Leicester 2-0 Sheffield United (16/7)
Arsenal 2-1 West Ham (19/9)
Fulham 0-3 Arsenal (12/9)
Arsenal 2-1 Chelsea (1/8)
Arsenal 3-2 Watford (26/7)
Aston Villa 1-0 Arsenal (21/7)
If these sides' first two games of the season are anything to go by then we could be in for a treat. The pair have scored 12 goals between them in their first two games of the season, yet they've both shown glimpses of vulnerability at the back.
The inclusion of some players lacking match sharpness may curtail any hopes of a free-flowing game, although we can still expect goals with some quality attacking players on display. Arteta's men may just have that extra edge needed to progress to the next round.
Prediction: Leicester 1-2 Arsenal