Just one point separates the two sides at the top of the table with four matches remaining and leaders Chelsea will claim a third consecutive crown if they win their remaining games.
The Blues have scored 19 goals in their last three matches under Emma Hayes, while Arsenal thrashed Leicester 5-0 before the recent international break.
Arsenal forward Vivianne Miedema goes into the game in good form after scoring six goals in 53 minutes for the Netherlands in their 12-0 hammering of Cyprus last week.
Chelsea were rampant when they beat Arsenal 3-0 at Wembley in December in last season’s delayed final, but the Gunners have won the competition a record 14 times and have home advantage this weekend.
In the other semi-final, West Ham host Manchester City on Saturday in a repeat of the 2019 final.
City lifted the trophy that day and also got the better of the Hammers when the two teams met in the WSL in their last match earlier this month, as goals from Georgia Stanway and Khadija Shaw gave them a 2-0 win.
The final takes place at Wembley on May 15.