Jurgen Klopp and Mikel Arteta's sides will face off for a spot in the Carabao Cup final
(Image: TIM KEETON/EPA-EFE/REX/Shutterstock)
These include a remarkable four ties from the 1979/80 season, when it took three semi-final replays to decide who would progress to Wembley.
Liverpool and Arsenal's rivalry has spilled over into England's secondary cup competition, too, and they are preparing to do battle in the EFL Cup for the 17th and 18th times this and next Thursday respectively, with a spot in the final on the line.
Without further ado, here are some of the most memorable cup showdowns between the two great clubs in the 21st century.
2000/01 FA Cup
Michael Owen scored two late goals to fire Liverpool to FA Cup glory over Arsenal
In a season remembered fondly by Liverpool fans for their treble win, the Reds overcame Arsenal at Cardiff's Millennium Stadium under dramatic circumstances.
After being largely outplayed for much of the match, Michael Owen was the hero for Gerard Houllier's side, scoring a poacher's goal in the 83rd minute to level after Freddie Ljungberg's second-half opener before slotting the winner with a fine finish five minutes later.
The Englishman's double won Liverpool their second trophy of a hat-trick of honours, with the UEFA Cup added four days later.
2001/02 FA Cup
Dennis Bergkamp was sent off for a stamp on Jamie Carragher – and the Liverpool defender soon followed him down the tunnel
Arsenal claimed their revenge in the following season in a feisty fourth-round affair at Highbury.
Dennis Bergkamp's first-half header from Thierry Henry's cross proved to be the only goal of a game which saw three red cards, starting with Martin Keown's dismissal for a cynical foul on Owen in the 66th minute.
Goalscorer Bergkamp was also given his marching orders for a late challenge on Jamie Carragher, who soon followed him down the tunnel after throwing a coin launched in his direction back into the crowd.
Arsenal would go on to win the FA Cup in the 2001/02 season, ensuring they collected the double that season having already claimed the Premier League title.
2006/07 FA Cup and EFL Cup
Julio Baptista scored four goals against Liverpool in a pulsating Carling Cup quarter-final
(Image: The Daily Mirror)
What's better than one cup tie?
Well, Liverpool and Arsenal faced off twice in four days in two different competitions during the 2006/07 season, with the latter emerging victorious at Anfield on both occasions.
Tomas Rosicky bagged a brace and Henry restored the two-goal cushion after Dirk Kuyt pulled one back for the hosts during a third-round FA Cup encounter.
The dust had hardly settled by the time the two sides locked horns on Merseyside once again – and there were a whopping nine goals during a pulsating Carling Cup quarter-final.
Jeremie Aliadiere and Alex Song scored for the visitors but this match was all about Julio Baptista, who grabbed four goals against a Liverpool defence at sixes (quite literally) and sevens, while Robbie Fowler, Steven Gerrard and Sami Hyypia ensured the scoreline was not entirely embarrassing for the Reds.
2007/08 Champions League
Steven Gerrard and Ryan Babel scored late goals to send Liverpool through to the Champions League semi-finals
(Image: AMA/Corbis via Getty Images)
The enthralling fixtures between these two clubs are not limited to the domestic stage, either.
Admittedly, the 1-1 draw at the Emirates in the first leg of the quarter-final was nothing to write home about, but there were fireworks in the second meeting six days later.
After Hyypia cancelled out Abou Diaby's opener in the first half, Emmanuel Adebayor looked to have set the Gunners on course for the semi-finals by adding to his first-leg goal in the 84th minute.
But Gerrard converted from the penalty spot moments later and Ryan Babel struck in added time to send the Reds through to the last four.
2013/14 FA Cup
Luis Suarez's penalty appeals were waved away as Arsenal progressed to the quarter-finals
(Image: Action Images)
Not for the first time in his career, the spotlight was on Luis Suarez as Arsenal and Liverpool did battle in the FA Cup fifth round in the 2013/14 campaign.
The mercurial forward had come close to moving to the Emirates the previous summer after Arsene Wengerinfamously offered £40,000,001 in a bid to activate his release clause.
Suarez ultimately remained at Anfield for another year and was at the centre of a controversial incident in a 2-1 defeat for the Reds.
Goals from Alex Oxlade-Chamberlain and Lukas Podolski fired Arsenal – who had been thrashed 5-1 in the league at Anfield the previous week – through to the quarter-finals despite Gerrard pulling one back from the spot, but Liverpool fans felt aggrieved after Suarez was denied a penalty.
Oxlade-Chamberlain appeared to make contact with the Uruguayan's foot in the area but referee Howard Webb was unmoved as he theatrically hit the deck.
Arsenal would go on to lift the FA Cup that season, while Liverpool fell agonisingly short in the Premier League before Suarez joined Barcelona in a £75million transfer.
2019/20 League Cup
Divock Origi scored two goals and converted in the penalty shootout during a captivating Carabao Cup clash
In the highest-scoring fixture ever played between Liverpool and Arsenal, or the League Cup, it was Jurgen Klopp's side who prevailed on penalties after a riveting 5-5 draw at Anfield.
Shkodran Mustafi's own-goal gave the Reds the ideal start but Lucas Torreira equalised and Gabriel Martinelli struck twice in 11 minutes to put the visitors in control.
James Milner pulled one back from the spot before goals from Ainsley Maitland-Niles and former Gunner Oxlade-Chamberlain left Arsenal 4-3 up heading into the final half-hour.
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What ensued was a familiar tale for Liverpool: Divock Origi to the rescue. The Belgian levelled on 62 minutes and summoned another equaliser in the 94th minute, after Joe Willock temporarily restored Arsenal's lead, to send the game to a shootout.
All five Liverpool players converted from the spot while Caoimhin Kelleher denied Dani Ceballos to send Liverpool through to the quarter-finals.