Arsene Wenger looks to win the trophy for the first time in his tenure, having been to the finals twice so far.
A host of European heavyweights await the Gunners as Europe's second tier club competition reaches a crucial juncture.
Wilshere and Iwobi played in Arsenal's 2-1 loss to Ostersunds on Thursday (22 February) and are expected to be involved in the Carabao Cup final on Sunday (25 February).
Arsenal manager Arsene Wenger has joked that he is happy to give resurgent midfielder Jack Wilshere a pen to sign a contract extension in north London.
Danny Welbeck will enter the final year of his contract with Arsenal at the end of the current season and is yet to be offered a new deal.
Mesut Ozil will not play in the Europa League game against Ostersunds on Thursday (22 February) owing to illness.
Arsene Wenger is not yet ruling Aaron Ramsey out of the Wembley clash with Manchester City, while Mesut Ozil "should be OK" after illness.
Arsene Wenger's side are in sixth place in the league, eight points adrift of fourth-placed Chelsea.
Watford midfielder Abdoulaye Doucoure claims he is attracting interest from heavyweight Premier League trio and has indicated a preference to work under Arsene Wenger.
Tyreece John-Jules has signed his first professional contract with the club after impressing for the youth sides this season.
Aaron Ramsey is unlikely to play a part in Arsenal's upcoming Carabao Cup final against Manchester City as his groin injury is taking longer than expected to heal.
Arsenal allowed Olivier Giroud to join direct rivals Chelsea during the January transfer window after they signed Pierre-Emerick Aubameyang.
Arsene Wenger has revealed that Mesut Ozil will make his first Europa League appearance for eight years when Arsenal meet Ostersunds in the first leg of their last-32 tie.
Arsene Wenger has ruled Aaron Ramsey out of both of Arsenal's Europa League last-32 ties against Ostersunds, revealing that his recovery is not progressing as quickly as expected.
Arsenal will be without the ineligible Pierre-Emerick Aubameyang and the injured Alexandre Lacazette when they travel to face Ostersunds FK in the last 32 of the Europa League.
Mkhitaryan, 29, joined the Gunners last month after falling out of favour with United boss Jose Mourinho.
Alexandre Lacazette underwent an arthroscopy on his left knee in London on Tuesday (13 February) and will be out for at least five weeks.
Arsenal striker Alexandre Lacazette is expected to be sidelined for between four to six weeks after undergoing a minor knee operation on Tuesday.
Arsenal paid a club record £56m to sign Pierre-Emerick Aubameyang from Borussia Dortmund last month.
Krystian Bielik is currently on loan at Walsall FC and wants to again go on loan in the summer to continue to play first-team football.
Jonny Evans was beyond Arsenal's price range during the January transfer window, according to manager Alan Pardew
Arsene Wenger says that qualifying for Champions League through the Premier League remains Arsenal's priority after his side 1-0 defeat to Tottenham Hotspur.