Swedish frontman Isak - who has 11 goals from his 22 games for the Magpies so far this term - is likely to play to the left of the in-form Wilson, whose eight goals in April helped lift United to the brink of a place in Europe.
Head coach Eddie Howe has decided that the time is right to deploy his two most potent attacking threats as they face an Arsenal side who are still in the hunt for the Premier League title.
Isak's inclusion at the expense of Anthony Gordon is Howe's only change to the side that beat Southampton 3-1 last Sunday, while Allan Saint-Maximin returns to the bench after recovering from injury.
Nick Pope continues in goal behind the familiar back four of Kieran Trippier, Fabian Schär, Sven Botman and Dan Burn.
Joe Willock and Joelinton start in midfield either side of Bruno Guimarães, with Jacob Murphy and Isak in support of Wilson up front.
Saint-Maximin is back and on the bench, while Javier Manquillo, Paul Dummett, Jamal Lewis and Matt Targett are named as defensive reinforcements
Elliot Anderson, Miguel Almirón and Gordon complete the list of substitutes selected by Howe.
Newcastle United: Nick Pope, Kieran Trippier, Fabian Schär, Sven Botman, Dan Burn; Joe Willock, Bruno Guimarães, Joelinton; Jacob Murphy, Callum Wilson, Alexander Isak.
Substitutes: Martin Dúbravka, Javier Manquillo, Paul Dummett, Jamal Lewis, Matt Targett, Elliot Anderson, Miguel Almirón, Anthony Gordon, Allan Saint-Maximin.