First trophy's the hardest, says Parlour
Arsene Wenger's men take on Hull City on Saturday night as they go in search of a first piece of silverware since 2005.
Speaking to FourFourTwo at the Singapore Cricket Club International Soccer Sixes draw, Parlour said it was all about Arsenal and what team showed up on the day.
"If they can play to their ability like what we know, we'll definitely win the cup; if we don't it might be an opportunity for Hull," he said.
"Arsenal are big favourites for the cup but it's going to be really competitive."
Parlour was a huge part of Arsene Wenger's double winning side in 2002, scoring a famous goal against Chelsea as the club clinched the FA Cup in Cardiff.
"The first trophy's always the hardest, and a lot of these guys have not won a trophy," the 41-year-old said.
"It gives you a lot of confidence going into next season, knowing that you've got an FA Cup winner's trophy.
"Nine years without a trophy so it's a massive trophy for Arsenal to win, not just for the club but for the players as well."
The former England international did warn against complacency though, noting that the Tigers were also trying to make history of their own.
"It's Hull City's first cup final and they can make history if they win it for their club so these players will find that little bit extra," he said.
"Steve Bruce will be saying to his players, 'Just try to defend well and hit Arsenal on the break' because you know Arsenal will come forward and attack as they usually do."
If the Gunners do triumph on the night, it will be their first trophy since the FA Cup win in 2005 but for Parlour, it's all about the amazing 30-yarder he scored three years before that.
It's a strike that lives on in highlight reels and the Arsenal legend was happy to relive the occasion once again.
"Yes what an amazing moment, it seems a long time ago twelve years but yeah Chelsea were a real top side then," Parlour said.
"It was about the 70th minute and the first goal's always important to win the cup final.
"It was a weird season because we played the FA Cup final and four days later we go to Manchester United to win the league.
"But what a week I had - scored in a cup final and got man-of-the-match against Manchester United so you can't get better wins than that in football."
Ray Parlour is playing for the CLA All-Stars in the SCC International Soccer Sixes tournament in Singapore. The knockout rounds will be played on 18 May, Sunday at the Padang.