Arteta's Arsenal will be desperate to shed their tag as the side that has come up short in recent years.
The Gunners and their manager are seeking their first piece of silverware since beating Chelsea in the 2020 FA Cup final, just nine months after Arteta left Guardiola's side as his assistant at City to take over at the Emirates Stadium.
In that same period, Arteta's managerial mentor Guardiola has amassed a trophy haul including the Champions League, four Premier League titles, the FA Cup, the EFL Cup, the UEFA Super Cup, and the FIFA Club World Cup.
Since Arteta last tasted success, Arsenal have lost in the Europa League semi-final to Villarreal in 2021, the EFL Cup semi-finals in 2022 and 2023 to Liverpool and Newcastle United respectively, as well as last season's Champions League semi-final against eventual winners Paris Saint-Germain.
The Gunners have finally broken that pattern by reaching a final, but Arteta must also overcome Guardiola's dominance, having won only four of their past 16 meetingsâincluding the 2023 Community Shieldâwhile losing nine.
This suggests it is Arteta who is in urgent need of breaking the cycle of finishing empty-handed.
Former Arsenal and England defender Matt Upson told BBC Sport: "I think overall, Arteta needs it most because he has not won enough trophies in his time at Arsenal for how well they have done.
"It has been a case of 'nearly but not quite' for Arteta after the seasons in which they have finished second in the Premier League. They have not quite got there, so this is a big one for Arteta.
"I think Arteta and Guardiola need it for very different reasons, but I feel Arteta needs it more because he needs to put some silverware in the trophy cabinet.
"The overall pressure is on Arteta, but it is also fair to say the short-term pressure is on Guardiola. It is very important City get that win to try and at least dent Arsenal's confidence. That would be really helpful for them in the last eight games of the season."
Former Manchester City defender Nedum Onuoha says victory could still be hugely significant for his former club.
"City have just had the pain of defeat in the Champions League, but they can use that in the Carabao Cup final to express how much going out to Real has hurt them, and potentially take that and use it at Wembley," he said.
"This is 100% a great occasion for them to bounce back, and to be able to potentially sign off with the last game before the international break by lifting a trophy can change your perspective on the whole season significantly."