While the Dragons sit second in League B Group 4 with four points from two matches, their Icelandic counterparts are just one point and one place further back in third spot.
Match preview
After drawing all four of their 2022-23 Nations League matches, Iceland have since made a mixed start to the 2024-25 campaign, with a 2-0 opening win at home to Montenegro followed by a 3-1 loss away against Turkey.
Age Hareide's side have been inconsistent for much of 2024, alternating between victory and defeat in each of their last six internationals across all competitions, scoring eight goals and conceding 10 in the process.
Ranked 71st in the world by FIFA, Iceland are bidding to finish top of League B and secure promotion back to League A where they suffered 10 defeats in 10 games across two separate campaigns.
A home encounter with current group leaders Turkey will take place next Monday, but they must first turn their attention to Friday's battle with Wales, a nation that they have beaten just once in their previous six meetings - winning 1-0 in World Cup qualifying back in September 1984.
Wales secured a 3-1 friendly victory at home against Iceland in the last meeting between these two nations in March 2014, and they have made an unbeaten start to their 2024-25 Nations League campaign.
The Dragons were held to a goalless stalemate by Turkey in their opening fixture - Craig Bellamy's first game in charge - before beating Montenegro 2-1 away from home courtesy of two quickfire strikes from Kieffer Moore and Harry Wilson in the first three minutes of the match.
Bellemy's maiden win ended a run of four internationals without a victory for Wales, while it also represented just the second triumph that the Dragons have recorded on the road in their last 11 matches across all competitions.
Ranked 29th in the world by FIFA, Wales will climb to the top of Group B if they beat Iceland on Friday for the first time away from home since 1980, coupled with Turkey dropping points at home to Montenegro.
Iceland Nations League form:
W
L
Iceland form (all competitions):
W
L
W
L
W
L
Wales Nations League form:
D
W
Wales form (all competitions):
W
L
D
L
D
W
Team News
Iceland defender Sverrir Ingi Ingason has returned to the senior squad after missing last month's international break through injury, and the Panathinaikos man is set to battle with Hjortur Hermannsson and Daniel Leo Gretarsson for a start at centre-back.
Birmingham City duo Alfons Sampsted and Willum Thor Willumsson are also in contention to start, while 95-cap international Johann Berg Gudmundsson is expected to lead the team as captain from midfield.
After a lengthy spell away from football, 35-year-old Gylfi Sigurdsson started both of Iceland's opening two Nations League matches and is expected to continue in an advanced-midfield role in behind either Orri Oskarsson or Andri Gudjohnsen up front.
As for Wales, 34-year-old Joe Allen has returned to the international setup after being persuaded by Bellamy to come out of retirement, while Rhys Norrington-Davies has been called up for the first time in over two years following a troublesome spell on the sidelines with injury.
David Brooks, Nathan Broadhead and Wes Burns have also been called up by after missing last month's international break, but midfield duo Aaron Ramsey and Ethan Ampadu are ruled out due to injury.
Brennan Johnson, who was labelled an "elite" footballer with "ridiculous talent" by Bellamy earlier this month, has scored six goals in as many games for Tottenham Hotspur and will be pushing to start in attack with Moore and Wilson.
Iceland possible starting lineup:
Valdimarsson; Sampsted, Hermansson, Ingason, Finnsson; Anderson, Gudmundsson, Thordarson, Thorsteinsson; Sigurdsson; Oksarsson
Wales possible starting lineup:
Ward; Roberts, Mepham, Rodon, Davies; Wilson, Allen, Cooper, Koumas; Johnson; Moore
We say: Iceland 1-1 Wales
Wales will believe that they are good enough to come out on top on Friday and few would be surprised to see them claim maximum points here. However, Iceland have impressed on home soil - winning three and drawing one of their last four games - and we feel that they could frustrate the Dragons in a tight contest in Reykjavik.