Anfield and the Emirates Stadium have each hosted the two footballing giants several times in several huge games. This year, the game should be just as big as ever.
Kenny Dalglish and Arsene Wenger's sides were both held to draws on opening weekend, meaning this fixture holds the utmost importance if both sides want a good kick up the table.
Resigned to losing star Samir Nasri, and with Cesc Fabregas long gone, Arsene Wenger has to provide something to lighten the hearts of Gunners fans. A win against a fellow top-four contender would be sure to help.
Liverpool also have a lot motivation to take all three points, with new signings Charlie Adam and Stewart Downing having expressed their desire for Champions League football. Three points this weekend could prove vital come Spring.
Last season, both fixtures between Arsenal and Liverpool ended in a 1-1 draw, something that's become sort of a routine for the two English giants.
Over the past couple of years, the majority of full time results have seen the points shared between the two clubs. However, the last three times that the fixture didn't end in a draw, Arsenal were victorious.
Despite this, I am going to go for a scrappy Liverpool victory.
Arsenal have to cope without their two best midfield playmakers. Who will provide ammunition for Robin van Persie? Fabregas can't. Nasri can't. Gervinho can't.
Is Theo Walcott going to be up to the challenge? Perhaps, but I don't think so.
Like several of Liverpool's past wingers, Walcott is inconsistent. It's a shame. While the winger has bundles of talent, he has been unable to unleash it week in, week out.
On the other hand, Stewart Downing has looked fantastic. He has breathed fresh air into the Liverpool squad, not to mention his opponents, when he breezes past them.
He can cross the ball expertly, but more importantly, he can cut in and shoot or play the ball through. This ability may prove to be crucial and he may carry the Liverpool team to victory.
Another player with such ability is Luis Suarez.
If I were an Arsenal fan, I'd hate to see Suarez walking out for the opposing team.
Suarez has looked to be in excellent form, following a successful Copa America campaign and a goal against Sunderland last weekend. He has proved to Liverpool fans that he is going to play like he did last season.
Moreover, Suarez has extra motive to do well. A missed spot-kick against Sunderland could have costed his side all three points, and he'll be determined to compensate.
For me, as most games are, this match will be decided in midfield. Liverpool are fortunate to have a plethora of midfielders to choose from, and the playmakers available to them might just give them that slight edge over the Gunners.
While Arsenal are still a brilliant side, I think Liverpool will bring too much to the table at the weekend and run out 2-1 winners.
What do you think?