In sudden death, Ruben Loftus Cheek missed his kick for Chelsea while Iwobi made no mistake as he scored to hand the Gunners another win in pre-season. Sarri says the duo will be reporting to Chelsea training camp on Saturday.
Aaron Ramsey did not feature against Chelsea despite being named in the starting XI, after picking up a minor injury in the warm-up.
Chelsea supporters are keen to see Hudson-Odoi given a first-team opportunity when the Premier League season begins, and Sarri confirmed that the 17-year-old will not be leaving Stamford Bridge on loan.
Inside the opening five minutes, he raced into the left channel, checked and found an unmarked Fabregas, whose shot was tipped over by Cech.
Chelsea's fast start should have been rewarded with a second goal, only for Alvaro Morata to meet his match in Cech with a weak penalty after Callum Hudson-Odoi forced Hector Bellerin into making a challenge inside the box.
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However, the BoE continued to stress that Britain's economy was at risk of too much inflation even with its slow growth. The rate action was in line with a Reuters poll last week, which showed 37 of 63 economists expecting a rate increase.
Hudson-Odoi was running the game and Morata should have scored from his ideal cross in the 15th minute but instead misjudged his header, Cech then using his left leg to deny the striker after more terrific work from the livewire teenager. We talked and realised we liked each other, so it's been since the beginning. The pair combined brilliantly to find Pierre-Emerick Aubameyang, who could only kick air at the back post.
Hudson-Odoi has excelled in Chelsea's pre-season, culminating in last night's masterclass.
Emery sent on Iwobi for Smith-Rowe and soon after Ainsley Maitland-Niles, Reiss Nelson and Lacazette replaced Kolasinac, Mkhitaryan and Aubameyang. Lacazette was guilty of the worst miss, misjudging his angles after slipping the ball through Andreas Christensen's legs.
Both sides produced a flawless set of five penalties each to send the shootout to sudden death.