The hosts earned eight points as they defeated Benfica 5-2, while Sevilla beat RB Leipzig 1-0 to reside on four points.
Theo Walcott grabbed a brace as Arsenal ran riot against Benfica, and manager Arsene Wenger will be pleased his team has found its shooting boots.
Here is how you can watch the pre-season friendly:
Time: 4:20 p.m. BST/11:20 a.m. ET
Venue: Emirates Stadium, London
TV Info: Quest TV (UK), ESPN Deportes
Arsenal began pre-season in a laboured state, drawing 1-1 with Bayern Munich before Chelsea beat them 3-0, but the Gunners were at their attacking best as they defeated Benfica, 5-2.
The five goals were taken well, but Wenger will highlight the two first-half strikes the Portuguese scored through sloppy play.
Franco Cervi gave Benfica an advantage after 11 minutes, but Arsenal struck twice to gain the lead. Per Mertesacker's mistake allowed the Eagles to gain an equaliser, with Eduardo Salvio firing home as the Gunners defence capitulated.
Arsenal scored three in the second half to gain an impressive points total, but the leaks in the back four were too reminiscent of recent years in north London.
Sevilla were magnificent in La Liga for the first half of the campaign before losing form at the business end of the season. Wissam Ben Yedder was the hero against the RB Leipzig, striking in the first half to give the Spaniards a slim victory.
The 26-year-old Frenchman continued his quality from last term, when he netted 11 goals in La Liga, per WhoScored.com.
With points awarded for additional goals in the competition, Sevilla's 1-0 win was short of what was needed to match Arsenal's haul.
The Gunners need to just avoid defeat to capture the trophy once again, but their defence has plenty of issues ahead of the new season.
Arsenal eased into their first game of the weekend, and Wenger will ring the changes as he attempts to give much of his squad a run-out.
The Gunners will want to win the trophy in front of their own supporters, but a clean sheet is the most important factor against Sevilla.
However, Wenger's teams are not defensively cautious, and attacking football should be on the menu for the English side.
Arsenal won the last Emirates Cup in 2015 and are in pole position to regain their crown.
Sevilla are a top-class outfit, but the Premier League side will be motivated to sneak past the winning post.
Predicted Score: Arsenal win 2-1