The FA has joined with the clubs and sponsor McDonald’s in a bid to raise about £1.25million for those affected by the horrific fire in North Kensington on June 14.
Victims and survivors, along with emergency service personnel, will also be invited to the traditional curtain-raiser for the new season on Sunday, August 6.
Premier League champions Chelsea will face Arsenal after losing the FA Cup final to their London rivals at Wembley, which could be seen from Grenfell Tower.
FA Chairman Greg Clarke said he hoped the gesture can help in “some small way”.
“Like the rest of the country, we were all deeply saddened by the terrible incident at Grenfell Tower,” Clarke said in a statement.
“The suffering and loss for those involved is unimaginable.
“Whilst only a football match, we hope that in some small way through the Community Shield we can help.
“Two great London clubs will come together to play at the city’s most famous stadium just a few miles from Kensington.
“They will be united in their passion for football, grief at this tragic loss and support for their community.
“Football is for all, and we hope that on Sunday 6 August it can in its own way give something back to those who are most in need.”
Arsenal chief executive Ivan Gazidis said his club “stands side by side with Chelsea in reaching out to the community and expressing our support and solidarity for those who have lost friends and family, their homes and their sense of security in the wake of this tragic event”.
Chelsea chairman Bruce Buck added: “We believe it is appropriate and timely that the first major football match involving top-flight clubs to take place in our city since the tragedy will be dedicated in such a way to the victims and survivors, and to the enormous number of heroes of the rescue operation, especially given this occasion’s long history of being played for the benefit of the wider community and people in need of support.
“We at Chelsea Football Club hope this FA Community Shield match with Arsenal will provide such support once again.”