Arsene Wenger's hopes of winning the title are over for another season save for a spectacular collapse by Chelsea, but Champions League qualification is still to play for.
However, Manchester United's early game at Bournemouth leaves Jose Mourinho's side with a chance to leapfrog Arsenal and Liverpool into fourth before the two sides play at Anfield.
Both Jurgen Klopp and Wenger will be desperate for a victory over a direct rival to stay in the hunt, and Saturday's encounter could well be a high-scoring match with Arsenal seeking revenge after Liverpool won 4-3 at the Emirates on the opening day of the season.
Scroll down for Standard Sport's comprehensive preview....
Liverpool host Arsenal at Anfield with kick-off scheduled for 5:30pm on Saturday, March 4.
The match will be televised live on BT Sport 1. Alternatively, you can follow all the build-up and action from 4:30pm with Standard Sport’s London Football live blog. Enter your email address below to be informed when coverage begins.
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Arsenal welcome back both Aaron Ramsey and Laurent Koscielny for the trip to Anfield, but Mesut Ozil has been ruled out through illness.
Ramsey has been missing for the last four games with a calf problem but is now in contention to line-up for the Gunners at Anfield as is Koscielny, who missed the FA Cup win over Sutton with a thigh injury suffered in the 5-1 defeat at Bayern Munich.
Santi Cazorla (Achilles) is a long-term absentee while fellow midfielder Mohamed Elneny (ankle) is expected to be out for three weeks.
Liverpool will remain without influential captain Jordan Henderson, who missed Monday's 3-1 loss to Leicester City with a bruised foot.
Daniel Sturridge missed the trip to the King Power Stadium after being struck down by an illness but has returned to training and could feature at Anfield.
Liverpool starting XI: Mignolet; Clyne, Matip, Lovren, Milner; Lallana, Can; Wijnaldum, Mane, Firmino, Coutinho
Arsenal starting XI: Cech; Bellerin, Koscielny, Mustafi, Gibbs; Ramsey, Xhaka; Walcott, Iwobi, Oxlade-Chamberlain; Sanchez
BETTING ODDS (via 888 Sport)
- Liverpool to win: 53/50
- Arsenal to win: 11/4
- Draw: 13/5
Click here to place a bet. Odds correct as of March 4 at 11:00am