The first piece of silverware in the English domestic season is up for grabs in the capital in what is the maiden meeting between these heavyweight clubs in a major final.
City have triumphed twice in this competition in the last four years, while the Gunners' most-recent success came in 1993 - three years before Arsene Wenger took charge of the club.
Follow all of the action as it unfolds with our extensive updates below.
ARSENAL: Ospina; Bellerin, Mustafi, Chambers, Koscielny, Monreal; Xhaka, Wilshere, Ramsey; Ozil; Aubameyang
SUBS: Cech, Kolasinac, Mertesacker, Elneny, Maitland-Niles, Iwobi, Welbeck
MANCHESTER CITY: Bravo; Walker, Kompany, Otamendi, Danilo; Fernandinho, Silva, Gundogan; De Bruyne, Sane, Aguero
SUBS: Ederson, Stones, Laporte, Bernardo, Zinchenko, Foden, Jesus
Manchester City are winners of the EFL Cup for a fifth time, with three of those triumphs coming in the last five years. Sergio Aguero opened the scoring 18 minutes in through a lofted finish over David Ospina, before Vincent Kompany and David Silva found a way through in the second half.
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MANCHESTER CITY WIN THE 2018 EFL CUP!
90+3 min FULL TIME: ARSENAL 0-3 MANCHESTER CITY
90+1 min The referee has decided to add on three minutes of added time, so the first piece of silverware under Guardiola is now in sight for City. Bellerin has just hammered the ball high and wide, signalling the exit for more Arsenal supporters.
89 min MANCHESTER CITY SUB! Talented youngster Phil Foden is now on for Sergio Aguero, who has finally made his mark on a major final. A booking for Jack Wilshere late on here, too, as we enter added time in the English capital.
87 min There will be no joy for Wenger in his 22nd attempt at winning this trophy, but for Guardiola it is a 22nd major honour during his managerial career - and a first with treble-chasing City. This really could be a special campaign.
85 min Just five minutes left to play at Wembley Stadium now. Very little goalmouth action throughout this second half, with City converting two of their three chances and Xhaka blasting over from pretty much Arsenal's only shooting chance.
83 min City still on course for a treble, then, with the Premier League surely a formality and the Champions League really starting to heat up. Arsenal, on the other hand, have now lost four of their last six games and need to somehow pick themselves up.
81 min YELLOW CARD! Vincent Kompany is booked for a foul, joining the since-subbed Fernandinho in the referee's notebook. Think everyone inside Wembley now pretty much ready for the full-time whistle to sound - this one is over.
79 min MANCHESTER CITY SUB! Guardiola with the luxury of easing Gabriel Jesus, without a minute of football in 2018, back to action late on here. Leroy Sane makes way, so there is a chance for him to build his connection with Aguero.
77 min SHOT! An error at the back allows Xhaka to pick up the ball 20 yards out, but he can only send it flying high and wide, with players better positioned either side. Think that pretty much sums things up from Arsenal's perspective.
75 min Now into the final 15 minutes of the EFL Cup final and there is no real sign of Arsenal finding a way back into the match. Not been the most entertaining of games, truth be told, though full credit to City for taking pretty much each and every chance.
73 min ARSENAL SUB! Man City, who take on Arsenal at the Emirates Stadium on Thursday night, now going through the motions and ticking down the minutes. Iwobi has just been brought on for Ramsey in the Gunners' final change of the contest.
71 min A little under 20 minutes to go at Wembley Stadium and City are well and truly in cruise control now. The Citizens were comfortable at 1-0 and have since gone on to add another couple of goals to their tally. The EFL Cup is theirs.
69 min ARSENAL SUB! Wenger was hoping to make a change prior to City's third, but the Citizens kept the ball in play for so long that he did not have a chance to do so. Danny Welbeck has now been introduced, taking over from Calum Chambers.
67 min Man City are now on the brink of their first piece of silverware under Guardiola, as David Silva has added his name to the scoresheet for his side's third goal of the evening. Danilo slipped the ball through for the Spaniard, who let it run slightly before blasting it past Ospina - brilliant finish.
66 min GOAL! ARSENAL 0-3 MANCHESTER CITY (DAVID SILVA)
64 min Unfortunately for Arsenal fans, Wenger is still stood on the touchline with his hands in his pockets - no signs of that change just yet. One goal for the Gunners will change the whole mood around Wembley, but it does not look like arriving.
62 min So after struggling to get to grips with the game in this second half, Wenger is now staring at a two-goal deficit. The Frenchman still reluctant to change things around, though, and time is now fast ticking down. Iwobi and Welbeck the obvious options from the bench.
60 min City bag themselves a potentially killer second just short of the hour mark, and it is skipper Vincent Kompany who bags it. Again, it is all very basic from the Citizens' perspective - De Bruyne's corner is struck goalwards by Gundogan from the edge of the box, before being diverted past a wrong-footed Ospina by Kompany six yards out.
59 min GOAL! ARSENAL 0-2 MANCHESTER CITY (VINCENT KOMPANY)
58 min Almost a real shocker for Bravo, who has a trademark rush of blood to the head when racing out to collect the ball. Aubameyang got there first but could not knock it past the keeper, and he then conceded a foul to end the promising moment.
56 min Just that one Kompany shot to report back on in the opening 11 minutes of the second half, which deflected off Koscielny and ended wide. The Gunners struggling to get a foothold on the contest at the moment - will Wenger turn to his bench in the next five minutes?
54 min MANCHESTER CITY SUB! A second enforced change of the afternoon, this time for City as Fernandinho limps off to be replaced by Bernardo Silva. Little less protection for the Citizens' defence now, with 36 minutes to play.
52 min Arsenal with all 10 of their outfield players inside their own half at the back, with Man City the side enjoying more of the ball. Should the game continue in this manner, Wenger will surely look to tinker with things come the hour mark.
50 min CLOSE! One skipper blocks another, as Kompany's drive from the edge of the box deflects off Koscielny - one of two survivors from the 2011 defeat to Birmingham City - and ends wide of the the target. Decent enough attempt.
48 min Just six goals scored by Arsenal in their five matches to reach this stage, remember - the lowest tally of any side to compete in the final. Still, there is plenty of attacking quality in their ranks and you would fancy them to bag at least one.
46 min RESTART! We are back up and running in the EFL Cup final, with Arsenal requiring a goal in this second half to take us to extra time. It was a similar case when they met in the semis of the FA Cup last season, and the Gunners went on to win.
In the maiden major final between these two sides in any competition, it was Arsenal who created the first big chance which they were unable to take. After being picked out by Mesut Ozil at the back post, Pierre-Emerick Aubameyang could not quite make contact with his initial shot thanks to good defensive work from Kyle Walker, but Claudio Bravo was still required to stop the ball crossing the line. Bravo was also to thank for keeping out the follow-up, which Aubameyang failed to lift over the Chilean stopper from a few yards out.
De Bruyne with a chance to play in Sane but he puts a little too much on the intended through-ball - most unlike him. The half-time whistle sounds, meaning that Manchester City take a one-goal lead into the interval thanks to Sergio Aguero's 30th goal of the season.
45+1 min HALF-TIME: ARSENAL 0-1 MANCHESTER CITY
44 min Booked for that challenge on Wilshere less than 10 minutes ago, Fernandinho blocked the run of the Englishman again and looked like he could be dismissed. Good call from the ref, though, as he could not really get out the way - a talking to was enough.
42 min Kolasinac is nearly in behind but a poor touch let him down. Not a great deal between the two heavyweight sides in this first half; the difference being that City have taken their one major chance when it arrived, which is often the case when Aguero is involved.
40 min SHOT! Bellerin needed to get his header back to Ospina spot on under pressure from Leroy Sane - and it was. De Bruyne then blasted into the side-netting after Koscielny hooked clear Aguero's chipped shot/cross.
38 min YELLOW CARD! Disappointing play from Aubameyang, as he struggled to really get at Kompany when one-on-one. Fernandinho joins Bellerin and Ramsey in being booked after catching the shin of Wilshere - no complaints from the Brazilian.
36 min Three shots on target so far at Wembley - two for Arsenal, with Ramsey and Aubameyang being kept out by Bravo; one for City, who converted from Aguero's brilliant lofted finish over Ospina. Still plenty of minutes left to play, though!
34 min YELLOW CARD! A high boot from the returning Ramsey, who is cautioned for the foul on David Silva. Surprised Arsenal have not looked for more balls over the top, as Aubameyang is in direct competition with the ageing Kompany.
32 min Sane drops the shoulder to earn a yard of space, before sending in a decent enough cross. Mustafi was well positioned to clear it behind, however, and from the corner Kompany should have done a little better. Up the other end, Walker got a toe to the ball before Wilshere could shoot.
30 min We have reached the half-hour mark at Wembley and things have become a little sloppy at the moment. City have still mustered just one attack all afternoon - route one at that - though they took the opportunity when it arrived, unlike their opponents.
28 min ARSENAL SUB! Arsenal forced into an early sub, as Monreal has been struggling with an injury and has now been replaced by Kolasinac. Not a bad change to make, anyway, as it should give the Gunners some attacking impetus down the flank.
26 min SAVE! Bravo with a third save of the match to go with his unlikely assist for Aguero's goal. Ramsey's free kick is saved in a simple enough fashion, before a counter-attack is launched and Bellerin booked for halting De Bruyne's run.
24 min Wenger will be particularly disappointed by that setback as his side wasted a glorious chance early on through Pierre-Emerick Aubameyang. Still, we have more than an hour still to play in London and this one is far from over just yet.
22 min Aguero simply loves scoring against Arsenal, extending his run against the Gunners to five in five. This latest goal was as route one as you like, with stand-in goalkeeper Bravo claiming an assist. Arsenal still protesting the decision for the goal to stand, but VAR agreed that it was a fair.
20 min City find the breakthrough goal through their first chance of the contest. As simple as you like, too, as Bravo punts the ball up the field and Aguero had the simple task of lifting the ball over Ospina. Mustafi felt he was shoved in the back; he wasn't - certainly not enough contact to warrant a free kick.
19 min GOAL! ARSENAL 0-1 MANCHESTER CITY (SERGIO AGUERO)
17 min Man City still awaiting their first shooting chance of the afternoon at Wembley Stadium, having been restricted by their opponents so far. A stretched feel to the match, with both teams attempting to put attacking moves together.
15 min Monreal wants a penalty after going to ground inside the box, but replays show that it was a clear dive. Kompany did not make contact at the wing-back deserved to be cautioned for attempting to con referee Craig Pawson.
13 min A far more open feel to the match since that chance for Aubameyang, who has experience of playing in this stadium for Borussia Dortmund. Man City, well clear at the top of the Premier League table, yet to truly get going at Wembley.
11 min VAR is in use in a major English cup final for the first time this afternoon, incidentally, and it would have been required had Aubameyang converted from a few yards out. Credit to Walker and Bravo, who between them prevented what looked a certain goal.
9 min SAVE! Huge, huge moment in this match, as Aubameyang is twice denied from close range. Ozil was slipped through and unselfishly looked for the Gabonese, who was possibly offside, but Walker got a touch to the ball before he could make clean contact. The save was still required by Bravo, who was also there to keep out the tame follow-up.
7 min De Bruyne forced out on to the left, where he manages to get a cross into the box. Far too close to Ospina, though, whose first piece of action is to collect the cross. Could be a case of the Belgian playmaker remaining patient for that one killer moment.
5 min City attempting to make inroads down the Arsenal flanks, without really looking like creating much of anything so far. Ramsey, Wilshere and Xhaka having to work overtime this afternoon to prevent the opposition's attackers from finding space.
3 min Tentative start to the contest at Wembley Stadium; neither side wanting to give anything away in the opening few minutes. A reminder that Arsenal are going with a back five this afternoon, or back three when the wing-backs push forward, which they have had previous success with.
1 min KICKOFF! The third high-profile game of the afternoon in England is under way - the difference being that this is the only one with some silverware up for grabs. A huge 90 minutes, or possibly more, await at Wembley Stadium.
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