The Reds finished fourth in the league last season and will be hoping to challenge Manchester City for the title this year.
As for the Irons, they finished 13th, but there is renewed optimism surrounding the club after they appointed Manuel Pellegrini as manager and enjoyed a busy summer transfer window.
Per OddsShark, Liverpool are the favourites at 23-100. The Hammers, meanwhile, are 23-2 to pick up a surprise win at Anfield. A draw comes in at 24-5.
Date: Sunday, August 12
Time: 1:30 p.m. BST/8:30 a.m. ET
TV: Sky Sports (UK), NBCSN (U.S.)
Liverpool got much of their business done early, with Naby Keita's capture secured last year and Fabinho signed in May. Xherdan Shaqiri was brought in before the end of the FIFA World Cup following Switzerland's exit from the competition.
Football journalist Leanne Prescott was pleased with the players the Reds snapped up:
Liverpool writer Joel Rabinowitz is particularly enamoured with their new-look midfield:
The trio may well start on Sunday given Jordan Henderson's late return to the squad for pre-season following his exertions with England at the World Cup.
Their energy and creativity will give the Hammers plenty to think about, and the visitors will already be concerned with shutting down the front three of Mohamed Salah, Sadio Mane and Roberto Firmino.
It's something West Ham have struggled with in recent years, as they've shipped four goals in each of their past three meetings with the Reds.
They will hope to fare better this time, though, given the summer they have had, which the Guardian's Jacob Steinberg summarised:
With an excellent manager in charge and the squad strengthened, the Hammers will at least be hoping for a top-half finish this year.
The squad will take time to jell after the recruitment of so many new faces, and they'll have a difficult test here, but the first weekend of the season can throw up some surprise results.