The Gunners are looking to continental competition to provide them with major silverware, a route into the Champions League and a fitting send-off for Arsene Wenger.
The long-serving manager has announced that he is to step down at the end of the season, after 22 years at the helm, and he will be determined to go with one more trophy under his belt.
Atletico, though, have every intention of spoiling the party and making their own way to the final in Lyon, with Diego Simeone's side seeking to recapture a crown they last secured in 2012.
|Game||Arsenal vs Atletico Madrid|
|Date||Thursday, April 26|
|Time||20:05 BST / 15:05 ET|
|Stream (US only)||fubo TV (7-day free trial)|
TV Channel, Live Stream & How to Watch
In the United States (US), the game can be watched live and on-demand with fuboTV (7-day free trial).
New users can sign up for a free seven-day trial of the live sports streaming service, which can be accessed via iOS, Android, Chromecast, Amazon Fire TV, Roku and Apple TV, as well as on a web browser.
|US TV channel||Online stream|
|Fox Sports 1||fubo TV (7-day free trial)|
In the United Kingdom (UK), the game can be watched live on TV on BT Sport 2 and it can be streamed live online using the BT Sport app.
|UK TV channel||Online stream|
|BT Sport 2||BT Sport app|
Squads & Team News
|Goalkeepers||Ospina, Cech, Macey|
|Defenders||Mertesacker, Koscielny, Holding, Monreal, Mustafi, Chambers, Bellerin, Mavropanos, Kolasinac|
|Midfielders||Ramsey, Wilshere, Ozil, Iwobi, Cazorla, Xhaka, Maitland-Niles, Elneny, Nelson, Mkhitaryan|
|Forwards||Lacazette, Welbeck, Nketiah, Willock|
Mohamed Elneny has been ruled out for Arsenal after picking up an ankle injury against West Ham, but Jack Wilshere could come back into contention for a midfield berth.
Pierre-Emerick Aubameyang is ineligible to play in the competition, while Henrikh Mkhitaryan is still recovering from knee ligament damage and Mesut Ozil is nursing his way back from a bout of flu.
Potential Arsenal starting XI: Cech; Bellerin, Mustafi, Koscielny, Monreal; Xhaka, Wilshere, Ramsey; Ozil, Welbeck, Lacazette.
|Position||Atletico Madrid players|
|Defenders||Godin, Filipe Luis, Savic, Vrsaljko, Hernandez, Juanfran, Jimenez, Sergi|
|Midfielders||Partey, Koke, Saul, Correa, Fernandez, Gabi, Vitolo|
|Forwards||Griezmann, Torres, Gameiro, Costa|
Former Chelsea striker Diego Costa has been nursing a hamstring problem, but he could be ready to return for Atletico against familiar foes.
Experienced defender Juanfran is a doubt for both legs of a crunch clash as he struggles to shake off a thigh complaint.
Potential Atletico Madrid starting XI: Oblak; Vrsaljko, Godin, Savic, Hernandez; Koke, Gabi, Saul, Correa, Vitolo; Griezmann.
Betting & Match Odds
Arsenal are considered to be favourites with dabblebet, who offer odds of 6/4 on them emerging victorious, while Atletico are priced at 2/1. A draw is available at 9/4.
The two sides are set to meet in continental action for the first time on Thursday, although the Gunners did run out 2-1 winners during an Emirates Cup clash back in 2009.
Arsenal have never lifted the Europa League/UEFA Cup, so are looking to make history, while Atletico claimed the trophy on two occasions in the space of three years between 2010 and 2012.
Both sides boast plenty of international stars on their books, so there is the potential for an action-packed encounter between two heavyweight outfits.
Wenger has said: "It is a Champions League game because it is two teams who have Champions League level. We will need to be at our best to have a chance."
After seeing his side beaten 3-0 at Real Sociedad recently, Simeone told reporters on the issues facing his side on their travels: "We have to take a good look at our away form and be more alert and attentive because we are letting ourselves down on the road."