When and Where: The match kicks off from Anfield at 7.45 a.m. ET. The match will be shown online on ESPN3 and on TV on ESPN2. If you're in the U.K. you can catch the game on Sky Sports, or online via SkyGo.
Both clubs will be looking to take momentum from their triumphs last weekend into this crucial match-up that carries huge Champions League implications.
Liverpool will be hoping that their Carling Cup victory last weekend gives them a boost in helping to close the gap on fourth-place opponents to just four points with a game in hand.
Arsenal are themselves coming off an impressive result, having comeback from two goals behind to beat local rivals Tottenham 5-2.
The home side will be without Daniel Agger for the encounter, after the defender suffered a cracked rib during Sunday's triumph over Cardiff that will keep him out for several weeks.
Though the massively-experienced Jamie Carragher will step into the breach, Agger will be a big loss, having formed an impressive partnership with fellow center-back Martin Skrtel this season.
Manager Kenny Dalglish will also be sweating over the fitness of his captain Steven Gerrard, after the midfielder was taken off after only 32 minutes of England's friendly with Holland on Wednesday with a tight hamstring.
Arsenal too will be anxiously awaiting fitness news before the game. Robin van Persie and Thomas Vermaelen both returned from mid-week international duty with slight problems to their groin and ankle, respectively.
While boss Arsene Wenger has said he doesn't yet know about their fitness for the match, both can be expected to start given their importance to the Arsenal side.
Elsewhere, Welsh midfielder Aaron Ramsey has already been ruled out of the contest, while Tomas Rosicky will face a late fitness test on a groin problem.
Arsenal will receive a boost though in the form of Abou Diaby's return from a long-term hamstring injury. The French midfielder will likely be on the bench as Wenger looks to ease him back into first-team action.
Although Liverpool won the last encounter between the two clubs in August, that was their only victory in the last nine league meetings.
Despite Liverpool taking home the League Cup on Sunday, they did not look particularly impressive in requiring penalties to defeat Championship side Cardiff and a number of players still seem to be falling short of the standard required at Anfield.
Particularly up front, the Reds are lacking a real cutting edge. Luis Suarez, for all his clever touches, has not been a reliable goal scorer and though Andy Carroll has earned praise in recent weeks he still fails to look a real goalscoring threat.
Arsenal, meanwhile, seem to finally be getting some of their injured players back, particularly in defense.
Prediction: Liverpool to maintain their unbeaten home record, but only just.