The decision to postpone Thursday's (AEDT) fixture comes after some Arsenal personnel had come into contact with Olympiacos owner, Evangelos Marinakis, who had been named as a positive case of COVID-19.
Arsenal faced the Greek giants two weeks ago at Emirates Stadium in the UEFA Europa League, and the aforementioned owner met with several squad and staff members.
"Following medical advice, Arsenal FC and Manchester City FC consider it is necessary to postpone their fixture due to be played this evening, Wednesday 11 March, to give time to fully assess the situation," the Premier League said via their website.
"The Premier League has therefore agreed that tonight's match will be rearranged."