Spurs currently trail their neighbours by two points in the race for a Champions League spot, with the pair sat in sixth and fifth in the Premier League standings.
Campbell, who controversially left White Hart Lane for Arsenal on a Bosman free transfer in the summer of 2001, exclusively told FourFourTwo that both his former clubs are still well in the hunt for a top four finish.
Whoever wins on Saturday will really hamper and knock the other team back - not just for one game, but for the next two or three
"Both teams are showing really good signs," Campbell told FFT. "I think fourth place is really up for grabs. All the teams fighting for it have got a chance.
"Anything can happen in football, but whoever wins on Saturday will really hamper and knock the other team back - not just for one game, but for the next two or three.
"If Arsenal win, I think they are in the clear, momentum will get going and they’ll get well ahead of Tottenham. If Tottenham win, they will think they can get up there.
"It’s not like the start of the season where you can jostle for position and think ‘we can lose this one and make it up later on’. This game now you can knock someone out and ‘say see you later, I’m gone’. It’s a really interesting game that can both teams need to win.
"I’d say Arsenal [will win], but it will be close."
A victory for Arsene Wenger's side would see them open up a five-point lead over their rivals with 14 matches of the season remaining.
SEE ALSO Campbell: I didn't enjoy 'fractious' North London derbies
Sol Campbell was speaking on behalf of The Great British Brekkie at www.greatbritishbrekkie.org.uk. Support their work with bereaved children by texting BREK13 to 70070. For more information on Winston’s Wish, click here.
