The Gunners will make the trip to the League One side looking to progress to the next round of the cup.
Arsenal manager Unai Emery will get his first taste of FA Cup football after taking over from the competition’s most successful manager Arsene Wenger in the summer.
The north London side won the competition seven times during Wenger’s 20-year spell in charge of Arsenal.
Blackpool can take some encouragement from Arsenal’s poor record on the road given the Gunners have failed to win their last four away games in the Premier League.
The Tangerines are in eighth place in League One following a 1-0 loss to Sunderland in their last league fixture ahead of the third round clash on Saturday.
Former Liverpool FC defender Lawrenson is backing Arsenal to beat Blackpool and reach the fourth round for the first time under Unai Emery.
“I am at Bloomfield Road to watch Blackpool play Arsenal for BBC Radio 5 live and am looking forward to it,” Lawrenson told BBC Sport.
“The Gunners only just got past the Seasiders in the Carabao Cup earlier this season and, while I think even a weakened Gunners side will get through, it might be close.”
Arsenal finished in sixth place in the Premier League table last season to miss out on Champions League football for successive campaigns.
The Gunners are in fifth spot in the Premier League table but a mere two points ahead of resurgent Manchester United in the race to secure a top-four spot.
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