The two sides have been beaten by early League B Group 4 leaders Norway already, after the Swedes lost to their Nordic neighbours on home soil last weekend.
Match preview
Though Dejan Kulusevski set up his fellow Premier League starlet Anthony Elanga for a late consolation goal on Sunday, falling to a bitter defeat in Stockholm soured Sweden's positive start to their new Nations League campaign.
A rare loss to regional rivals Norway, who the Blagult have traditionally dominated, came as Janne Andersson's side became the latest victims of the irrepressible Erling Haaland, who will soon join Kulusevski and Elanga in England when completing his move to Manchester City.
After a much-disputed penalty call, Haaland put the Norwegians ahead at Solna's Friends Arena, before doubling the visitors' lead midway through the second half - ultimately consigning Sweden to their fourth defeat in six games and prolonging a difficult spell over recent times.
Following relegation from the Nations League's top tier, Andersson's men exited Euro 2020 at the first knockout stage, before coming up short in their efforts to reach this winter's World Cup.
In fact, Sweden were well on course to qualify automatically for Qatar 2022 ahead of group favourites Spain before the events of last November, when defeats to Georgia and their Spanish rivals sent them into the playoffs, where they subsequently lost to Poland.
They did, though, manage to take three points off Slovenia on the opening day of this summer's intense international period, returning with a 2-0 win in Ljubljana last week.
Set to visit Oslo for the return fixture with Norway this weekend, posting at least a point from their midweek fixture could be crucial, but they face opponents equally intent on reaching the giddy heights of League A.
Unlike their hosts on Thursday, Serbia made it to the World Cup, and did so in dramatic circumstances by snatching an automatic spot away from Portugal late on in their final qualifying match.
Ever since, Dragan Stojkovic's men have been building towards the upcoming finals in Qatar, and after a draw and defeat from two springtime friendlies, they have opened their latest Nations League campaign in the same fashion this month.
Stung by that man again, Haaland, upon their return to competitive action last week in Belgrade, the Eagles were dominant in their first fixture against Norway, but still went on to lose 1-0.
However, on Sunday evening, Serbia sealed a comprehensive victory in their second successive home match, by turning on the style at the end of a 4-1 win over Group 4 outsiders Slovenia.
In the absence of the injured Dusan Vlahovic, the Serbian attack still managed to conjure up goals from a variety of sources, so Stojkovic's side remain contenders for promotion to League A, after starting the inaugural competition down in the third tier, only four years ago.
Sweden Nations League form:
Sweden form (all competitions):
Serbia Nations League form:
Serbia form (all competitions):
Team News
Facing a third game in a matter of days - and an important clash with Norway is yet to come - Sweden coach Janne Andersson may make some changes to his starting XI on Thursday.
Certainly, as Dejan Kulusevski will be suspended for being booked in both opening fixtures, the hosts will be forced to switch things around up front, so Robin Quaison or teenager Anthony Elanga - who scored on his return from injury at the weekend - should feature in the front three.
As Carl Starfelt was previously sent home after being stretchered off in Slovenia, and Manchester United's Victor Lindelof is absent through injury, Joakim Nilsson should be partnered in central defence by Alexander Milosevic. Meanwhile, uncapped Hjalmar Ekdal - brother of veteran midfielder Albin Ekdal, who is also unavailable due to injury - offers an alternative.
Serbia could make a defensive change of their own at the Friends Arena, as Bochum's Erhan Masovic - a debutant at the weekend - may make way for another Bundesliga-based player, Milos Veljkovic of Werder Bremen.
With star striker Dusan Vlahovic sidelined for the entirety of this summer's action, Fulham goal-machine Aleksandar Mitrovic will expect to lead the visitors' line again, having scored 45 times in 73 previous international appearances.
Luka Jovic could join him up front, or captain Dusan Tadic will otherwise form part of a playmaking pair behind the lone striker, alongside Lazio's Sergej Milinkovic-Savic, scorer of the important second goal on Sunday.
Sweden possible starting lineup:
Olsen; Krafth, Milosevic, Nilsson, Augustinsson; Forsberg, Karlstrom, Svanberg; Elanga, Isak, Claesson
Serbia possible starting lineup:
V. Milinkovic-Savic; Pavlovic, Milenkovic, Veljkovic; Lazovic, Lukic, Gudelj, Kostic; S. Milinkovic-Savic, Tadic; A. Mitrovic
We say: Sweden 2-2 Serbia
As Norway host Slovenia and could feasibly pull clear at the top of Group 4, both sides will be targeting victory, and that could make for a more open game than expected.
With both Dusan Vlahovic and Zlatan Ibrahimovic missing from the stage, others will have the chance to shine, and Serbia still have enough firepower to take at least a point from perhaps their toughest fixture on paper.