The English Premier League side is due to visit Scotland in mid-July for a training camp and will be the visitors to Easter Road on Tuesday July 13, nearly 100 years after the clubs first met.
Arsenal will also face off against Rangers on Saturday July 17.
Hibs Interim Chief Executive Greg McEwan said: “We are delighted to play host to Arsenal in July in what should be a fantastic glamour friendly for the club and one that we hope will see the return of fans to Easter Road as well.
“We have secured our return to European football and matches like these should give us a great taste of what is to come throughout the 2021/22 season.”
Gunners boss Mikel Arteta added: “We’re pleased to confirm our second game in Scotland as part of a week-long training camp that will help us prepare for the 2021/22 season.
"The matches against Hibs and Rangers will be good tests for us and we’re looking forward to playing against two strong opponents.
"Pre-season is an important time for the squad and we’re delighted to have this organised early so we can get the most out of the two matches and the training camp.”
Hibs and Arsenal met for the first time on April 26 1926 in a match arranged as part of the deal taking Scotland international goalkeeper Willie Harper from Easter Road to Highbury. A Monday night crowd of around 4,000 watched the hosts run out 5-0 winners against a Hibs side missing the influential Jimmy McColl.
Hibs then lost 7-1 at the same venue in 1952 in the first ever televised match on October 22 in front of 60,000 spectators.
Lawrie Reilly was on target for the visitors in a charity match played in aid of the National Playing Fields Assocation and Central Council of Physical Recreation (Sports Development Fund). Edinburgh-born Jimmy Logie was part of the Arsenal team while Hibs had beaten Manchester United 7-3 in Gordon Smith’s testimonial just over a month prior.
Reilly got on the scoresheet again alon g with Eddie Turnbull when Arsenal visited Easter Road on March 21 1955 and played out a 2-2 draw, although Hibs had been 2-0 up with 15 minutes to play.