Standard Sport revealed on Friday night that Ozil would not feature at Anfield after being sent home from training on Wednesday following a struggle with flu.
Sanchez missing out is a surprise though, with Arsenal's top scorer this season taking a place on the bench alongisde the likes of Theo Walcott and Lucas Perez.
Alex Iwobi, Alex Oxlade-Chamberlain and Danny Welbeck start behind Olivier Giroud as the lone striker, with Standard Sport's James Olley confirming that Sanchez's absence is not down to any fitness issues.
No fitness issue with Alexis Sanchez. He's been dropped. #afc— James Olley (@JamesOlley) March 4, 2017
Daniel Sturridge and Jordan Henderson were both ruled out for the hosts, Jurgen Klopp starts Emre Can in midfielder with no recognised striker as usual.
Centre-back Dejan Lovren makes his return to the squad after five weeks out with a knee injury, but is only fit enough for the bench as Ragnar Klavan comes in for Lucas Leiva to combat Giroud's height.
Both teams were handed a boost in the race for a top-four finish before kick-off, with Manchester United drawing against 10-man Bournemouth 1-1 at Old Trafford.
Liverpool starting XI: Mignolet, Clyne, Matip, Klavan, Milner, Can, Wijnaldum, Lallana, Coutinho, Mane, Firmino
Substitutes: Karius, Moreno, Lucas, Alexander, Lovren, Origi, Woodburn
Arsenal starting XI: Cech, Bellerin, Mustafi, Koscielny, Monreal, Coquelin, Xhaka, Oxlade-chamberlain, Iwobi, Welbeck, Giroud
Substitutes: Ospina, Gibbs, Gabriel, Ramsey, Walcott, Sanchez, Lucas