The hosts cannot qualify for the finals and Iceland's relegation is already confirmed, so there is only pride on the line for both teams in midweek.
The Nations League dream is over for Gareth Southgate and England. A 2-0 defeat to Belgium ensured that the Three Lions will not make a second appearance at the finals after an underwhelming group-stage performance.
England looked the brighter team for long periods of the game, with Jack Grealish in particular earning plenty of plaudits, but a deflected Youri Tielemans effort and a sublime Dries Mertens free kick saw Belgium cement their position at the top of the rankings and dash England's hopes of advancing to the final four.
Opting to employ a three-at-the-back system once again, Southgate's team selections have come under heavy scrutiny throughout the Nations League campaign, with the Three Lions hitting the back of the net just three times in five group-stage matches.
Despite boasting a plethora of talented attacking players such as Grealish, Harry Kane, Raheem Sterling, Jadon Sancho and Dominic Calvert-Lewin, England's trio of goals means that they are the joint-lowest scorers in the whole of League A - only Iceland, Sweden and Bosnia & Herzegovina have also struck on just three occasions.
England's third-placed finish in the Nations League is already guaranteed, with Denmark boasting a better head-to-head record, and Southgate will no doubt spend the next few months pondering how he can get the best out of England's highly-rated youngsters before the European Championships.
Meanwhile, Iceland's Nations League campaign has gone widely as expected for the Nordic nation - five games, five losses, three goals scored and 13 conceded.
Nevertheless, Erik Hamren's men have held their own against three top European sides and were on course to register their first point of the tournament against Denmark at the weekend, only for a late Christian Eriksen penalty to break Icelandic hearts.
Hamren's side are still awaiting their first ever point in the Nations League following an equally woeful 2018-19 campaign, which saw Iceland lose all four of their matches and notch up just one goal, with League A proving to be a step too far for the already-relegated nation.
England and Iceland locked horns in their inaugural match of the 2020-21 edition, and the game looked to be heading for a goalless stalemate until Sterling popped up with a late penalty in Reykjavik.
England Nations League form: WDWLL
England form (all competitions): DWWLWL
Iceland Nations League form: LLLLL
Iceland form (all competitions): LWLLLL
England's ever-growing injury list welcomed a couple more players before and after the Belgium clash, much to the dismay of club and country.
Ben Chilwell was forced off in the first half with a back problem but has trained since, although the Chelsea man is not expected to be involved from the off here, meaning that Bukayo Saka can look forward to another start in England colours.
Liverpool captain Jordan Henderson was hauled off at half time, while Sterling did not make the squad at all due to a minor injury, and both players are set to miss out on Wednesday.
As for Iceland, Hordur Magnusson picked up his second booking of the tournament against Denmark and will not be able to play against England, but the defender is reportedly one of several players to have returned to their clubs already.
Indeed, the likes of Ragnar Sigurdsson, Alfred Finnbogason, Gylfi Sigurdsson and Johann Berg Gudmundsson are playing no part in their final Nations League clash either, with Alfons Sampsted, Aron Gudjohnsen and Fannar Baldursson all understood to be in line for starts in Hamren's last match in charge.
England possible starting lineup:
Pope; Walker, Keane, Mings; Maitland-Niles, Rice, Winks, Saka; Sancho, Foden; Kane
Iceland possible starting lineup:
Runarsson; Sampsted, Ingason, Hermansson; Saevarsson, Baldursson, Bjarnason, Johannesson, Skulason; Gudjohnsen, Sigthorsson
We say: England 4-0 Iceland
Hamren will certainly be dreaming of a famous victory on the Wembley turf before he leaves his Iceland post, and with an injury-plagued England set to name a much-changed lineup, the Nordic nation can play without fear in the English capital. However, Southgate's men will still prove too strong for the basement side and the Three Lions should cruise to victory in their final 2020-21 Nations League clash.