After replays have been satisfied, four clubs will be left vying for a place in the final and Liverpool are my favourites to win the competition from this point.
Here, we'll look at 10 reasons why the Merseyside Reds will go all the way.
A place in the final—whilst not guaranteed—seems almost assured.
Certain things are expected of Liverpool—such as Champions League football—but their lack of European action this year has probably benefited the club.
Liverpool could get to the final and find themselves with a fresher squad than the likes of potential fellow finalists Tottenham and Chelsea.
That could be crucial.
Liverpool have almost no chance of making the Champions League places this season, which leaves the FA Cup competition the only thing they have left to play for.
Lying in seventh, some 10 points behind fourth placed Arsenal, Liverpool may all but give up on the league and rest some of their key players for the cup competition.
I'm not sure that other teams can afford that luxury.
Desire is a huge part of football and something about Liverpool suggests they want to win this competition more than the other teams.
The fans expect trophies on Merseyside and now that they're in the semifinals, they can sense blood.
Liverpool manager Kenny Dalglish has spent a lot of money in his second spell at the club.
His league results have been unimpressive and the Carling Cup victory gives Liverpool a financial reward that probably doesn't even pay Steven Gerrard's weekly wage.
If the Scotsman expects to keep his job beyond the summer, then an FA Cup win would go a long way in convincing the Liverpool owners he is the right choice as long-term manager.
They say winning is a habit and if that's the case, then Liverpool have to be favourites following their victory in the Carling Cup this season.
Liverpool will be wanting to add further silverware to their trophy cabinet and have already been reminded of what it feels like to win a competition.
Steven Gerrard seems to be coming into some good form at the moment, and Luis Suarez has probably benefited from the rest he received after serving his eight-match ban.
Those two players are critical to Liverpool's offence, and by definition, the club's success.
Gerrard's career is in its twilight years, so he will want to pick up as many trophies as possible before finally hanging up his boots.
Liverpool's captain will accept nothing but the best from his colleagues.
Of the remaining clubs still in the competition, Tottenham are the most successful in FA Cup history with eight victories.
Liverpool and Everton are the most frequent finalists, though, with 13, and the Reds supporters will be banking on another.
Liverpool haven't lost an FA Cup semifinal since 1990, whereas Spurs tasted defeat in 2011, Sunderland in 2004 and Chelsea in 2006.
If Liverpool were to make it past the winner of Sunderland vs. Everton, the likelihood is that they would meet either Chelsea or Tottenham Hotspur in the final.
These fixtures might favour a Liverpool team that seems to be able to produce their best performances against the bigger teams.
Tottenham have had recent league setbacks, whilst Chelsea are currently searching for a permanent manager.
Bookmakers William Hill have Liverpool or Tottenham as the joint favourites to win the competition at 5/2.
With Tottenham having to beat Bolton Wanderers followed by a resurgent Chelsea to even make the final, Liverpool have to be in the driver's seat.
Obviously any team left in the FA Cup competition is capable of winning it.
Luck can play a part in these things every bit as much as skill and ability, so perhaps I shouldn't write off the likes of Bolton, Everton and Sunderland just yet.
The FA Cup is still a great competition and the acclaim that comes with winning it shouldn't be underestimated.
If Liverpool are really intent on rebuilding their team to the standard required to counter the Manchester Citys and Manchester Uniteds of the world, then winning this cup would help attract a higher standard of player. If nothing else, it gets the club more positive exposure.
The romantics will be looking for Liverpool to put Everton out in the semifinals—if the blue half of Merseyside can overcome Sunderland.
It's shaping up to be an interesting competition.
Thanks for reading and be sure to check out Liverpool's Future: 10 Steps To Ensure Champions League Qualification.
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