Both teams are on a good run of form after making slow starts to their Premier League campaigns and an entertaining draw could be on the cards at the King Power Stadium.
Leicester have won their last three in all competitions, including a 4-2 victory over Manchester United, while Arsenal are now undefeated in seven in the Premier League, following a convincing 3-1 win over Aston Villa last time.
Home advantage ensures favouritism for the Foxes but their hectic schedule is taking its toll, with four first team players definitely missing through injury and doubts over the availability of Jamie Vardy. That will give Arsenal some encouragement and I'm backing them to come away with a draw.
Saturday's Down Royal card features some high quality contests, including this intriguing Grade 2 chase that represents a good opportunity for Envoi Allen.
Henry de Bromhead's star chaser is up against some progressive rivals but all have question marks. Vado Forte improved markedly on his first appearance for Gordon Elliott but will need to do so again to be in contention here, as will the John Patrick Ryan pair of Waitnsee and Fairyhill Run, while Coko Beach wants further.
Envoi Allen's 11 race unbeaten run came to an end at Cheltenham in the spring and he was also disappointing when pulled up at Punchestown, but he had excuses for both performances and given the dominance he had shown previously, he is worth taking a chance on to reassert his class here.
Watford achieved an unlikely victory over Everton in remarkable style last weekend but Saturday's clash with Southampton may not offer the same entertainment levels.
Claudio Ranieri will have been delighted to see the resilience and attacking energy his team showed against the Toffees, but the veteran coach generally prefers to focus on building a strong foundation, and Watford are usually much less potent in front of goal, failing to score in five of their Premier League games so far.
Southampton are similarly dour. They have a strong defence, which has conceded only 12 times, but they've scored just eight. With neither side wanting to risk too much against potential relegation battle rivals, caution is likely to dominate this encounter and siding with the draw looks the safest option.
Total Odds for this multiple: 13/1. Remember, multiple prices are based on our Sportsbook product, so any winnings are exempt from commission.