The club will be raising money by encouraging fans to donate and take part in events and challenges, including its annual Be a Gunner. Be a Runner event.
The partnership was launched yesterday at Centrepoint’s offices in Soho. The club's manager Arsène Wenger and players were shown around the charity's current facilities and met young beneficiaries.
Last season's official Arsenal charity, Great Ormond Street Hospital Children's Charity, raised £820,000 through the partnership.
Wenger said: "The club’s partnership with Centrepoint marks a departure from helping sick young people to helping vulnerable, homeless young people."
The charity provides emergency night shelters, short-stay services, housing and training for young homeless people. It provides more than 290,000 nights' accommodation every year.
This year's Premier League season begins on Saturday 14 August.