The north London club were planning to screen the big game for fans who were unable to get a ticket, but have decided to stop the screening following the announcement by the Prime Minister that the nation’s security threat has been placed at critical.
The club have also made a decision that they will not hold a victory parade if the club win Saturday’s FA Cup final at Wembley.
The Gunners have made it clear they do not want to put any extra pressure on police and security services and have been working closely with the authorities before making this decision.
Arsenal chief executive Ivan Gazidis said: “As always, the safety of our supporters and staff is paramount and we are in close contact with security services.
“After taking their advice we have reluctantly taken the decision to cancel the screening and potential parade.
“We are sorry for any disappointment this causes but it is in everyone’s best interests.”
Arsenal fans who have bought tickets for the screening will receive full refunds.
Fans are also being reminded to arrive early for the FA Cup Final as additional security measures will be in place at Wembley Stadium.