The Gunners are coming off the back of a shock FA Cup exit to Nottingham Forest on Sunday in a 4-2 defeat and Arsene Wenger will be looking for an immediate reaction from his team.
Nicholas said of Arsenal, who sit five points off the top four in the Premier League: "The modern game is creating such wealth but Arsenal are going in the opposite direction, potentially letting £250m worth of playing talent leave in the summer for nothing".
It was the first time Wenger had crashed out at that stage of the competition since arriving at the north London club in 1996.
Wenger has admitted his side will be weakened for the trip to Stamford Bridge, stating that he has a number of injury concerns ahead of the London clash.
Unsettled Chile forward Alexis Sanchez could be sold to Manchester City and Wenger wants several fresh faces to arrival as soon as possible.
The Frenchman, who has been the Gunners manager since 1996, is contracted at the Emirates Stadium until 2019, having extended his stay past year.
Both league meetings ended in draws, 0-0 at Stamford Bridge and 2-2 at the Emirates, but it's been Chelsea who hold the upper hand in the league table - now sitting three places and seven points ahead of the Gunners.
But regardless of Arsenal's League Cup fortunes, Wenger has clearly had enough of another underachieving season which sees his team in danger of failing to qualify for the Champions League for a second successive year.
Hazard missed the Blues goalless draw with Norwich in the FA Cup on the weekend.
"Eden is in a good physical condition", the Italian told the club's website.
Arsenal qualified for the Carabao Cup semifinal by beating West Ham 1-0, while Chelsea reached the semis after a 2-1 win over Bournemouth.