Kane, who has barely featured so far, bursts clear of a couple of men and is caught from behind by Xhaka. The referee Anthony Taylor waves play on but that was as clear a foul you will see all day and was worthy of a yellow.
Bad decision-making from Mkhitaryan, as he has two chances to pull the trigger 25 yards from goal but instead tries to thread an eye-of-the-needle pass into the feet of Lacazette. The ball is cut out and Tottenham clear their lines.
The game is just about starting to settle down now after a pretty frenetic start. Arsenal are continuing to push their opponents high up the pitch, refusing to let them play out from the back. Possession is turned by the visitors over but Guendouzi's cross hits the leg of Sanchez.
Son is nearly played in behind the Arsenal defence, but Sokratis gets across well to cut the ball out, before turning to the traveling Arsenal supporters and urging them to make some more noise. The experienced defender is well up for this one.
Play resumes after a brief stoppage, with Lacazette able to continue. It has been a high-energy start to the contest, especially from the visitors.
Ramsey and Lacazette are pressing very high in these early stages and nearly force Alderweireld into an error. Iwobi tries to pounce on the loose ball but it is just out of his reach.
Arsenal, looking to make a bad week for Tottenham even worse, get this North London derby underway!
The two teams are now out on the field at Wembley and we are moments away from kick-off.
Back-to-back losses for Tottenham over the past week, to Burnley last Saturday and Chelsea on Wednesday, have derailed their title hopes and left them looking over their shoulder at the chasing pack. Among the three sides aiming to chase down third-place Spurs are North London rivals Arsenal, who are enjoying a good run of form thanks to five wins from their last six top-flight outings - as many as they had managed in their previous 13 in the competition.
Arsenal subs: Pierre-Emerick Aubameyang, Petr Cech, Mesut Ozil, Denis Suarez, Ainsley Maitland-Niles, Lucas Torreira, Sead Kolasinac.
ARSENAL XI (4-2-3-1): Bernd Leno; Shkodran Mustafi, Sokratis Papastathopoulos, Laurent Koscielny (c), Nacho Monreal; Matteo Guendouzi, Granit Xhaka; Henrikh Mkhitaryan, Aaron Ramsey, Alex Iwobi; Alexandre Lacazette.
Tottenham subs: Lucas Moura, Ben Davies, Paulo Gazzaniga, Erik Lamela, Oliver Skipp, Serge Aurier, Fernando Llorente.
TOTTENHAM XI (3-4-1-2): Hugo Lloris (c); Davinson Sanchez, Toby Alderweireld, Jan Vertonghen; Kieran Trippier, Victor Wanyama, Moussa Sissoko, Danny Rose; Christian Eriksen; Harry Kane, Son Heung-min.
Not since November 2012 have Tottenham lost three Premier League games in a row, with the third defeat in that run coming against Arsenal. Mauricio Pochettino's side, despite their recent wobble, are four points better off than their bitter rivals and can take a huge step towards another top-four finish with victory on home soil today. Arsenal, meanwhile, know that they risk dropping as far as sixth place come the end of the weekend should they suffer defeat. This really is a massive game for both sides.
Hello and welcome to our live coverage of the Premier League meeting between Tottenham and Arsenal at Wembley.
10 - Harry Kane
Goal! Tottenham Hotspur 1, Arsenal 1. Harry Kane (Tottenham Hotspur) converts the penalty with a right footed shot to the bottom right corner.
8 - Aaron Ramsey
Goal! Tottenham Hotspur 0, Arsenal 1. Aaron Ramsey (Arsenal) left footed shot from the centre of the box to the centre of the goal. Assisted by Alexandre Lacazette with a through ball following a fast break.