The Foxes have the chance to move as high as second in the table and put a further dent in Unai Emery's side's chances of finishing in a top four spot, whilst also moving nine points clear of their North London opponents.
The meeting between the two teams back in May 2018 proved to be an emotional one for the away fans as Arsene Wenger took charge of his penultimate game for the Gunners whilst Leicester looked to finish the season strongly under Claude Puel.
A lively start
Before kick-off, the under pressure Puel had asked his team to "be positive, play with quality, tempo and desire" and his Leicester side responded in great fashion.
The early proceedings of the first-half saw Arsenal goalkeeper Petr Cech called into action on more than one occasion after keeping Foxes striker Jamie Vardy at bay.
Arsenal were struggling to cope defensively however and it took 14 minutes for Puel's men to break the deadlock after Fousseni Diabate's header from Christian Fuchs' cross landed at the feet of unmarked Kelechi Iheanacho, who volleyed the ball past the helpless Cech.
Just 92 seconds later, the away side were dealt with a further blow after the young Greek defender Konstantinos Mavropanos was shown a red card for bringing down goalscorer Iheanacho as he broke through on goal, leaving Arsenal to play with 10 men for the best part of 75 minutes.
Aubameyang strikes again
The Gunners were keen to rectify their poor first-half display and found a way back into the game just seven minutes after the restart.
Ainsley Maitland-Niles, who had struggled in the Arsenal backline, was able to find space in behind the Leicester back four and pull the ball back for the in form Pierre-Emerick Aubameyang.
The Gabon international had his first shot well saved by Leicester keeper Eldin Jakupovic, however he wasn't to be denied the second time round, netting his ninth goal in 12 games since his January move from Borussia Dortmund.
Ruthless Foxes make Gunners Pay
As the second-half moved into the latter stages, both teams had chances to take the lead, however both lacked a cutting edge in the final third.
With Arsenal's defence looking weak all game, it was only a matter of time before the next mistake occurred and on 76 minutes, Foxes substitute Demarai Gray was brought down by Henrik Mkhitaryan to see the home side be awarded the penalty.
It was no surprise to see the English talisman Vardy at the penalty spot and he confidently dispatched from 12 yards out to restore Leicester's lead.
As Wenger desperately tried to find an equaliser, he looked towards 18-year-old Eddie Nketiah for inspiration however he was left disappointed as Riyad Mahrez quashed any last hopes, slotting the ball past Cech in stoppage time to seal the points for Leicester.
Claude Puel's side would go on to finish 9th in the table in what was regarded as a disappointing campaign by fans of the Foxes after not finishing in a European spot.
Wenger would finish his 22-year spell as Arsenal manager on a high by beating Huddersfield Town 1-0 away from home in his final game as Gunners boss and leave behind a legacy which included an 2003/04 title-winning season in which his side went unbeaten for the whole campaign.