However, the rising COVID-19 cases in Jurgen Klopp's squad has meant the Reds are already fearing they may not be able to play this week.
Manager Jurgen Klopp and three first-team players missed the 2-2 draw with Chelsea after returning positive tests for coronavirus.
And the extra challenge of the Africa Cup of Nations has seen them lose more squad members including both Mohamed Salah and Sadio Mane.
Arsenal v Liverpool: talkSPORT commentary
The Carabao Cup tie is set to take place on Thursday, January 6 at the Emirates and kick-off is scheduled for 7:45pm.
Adrian Durham will be your host while commentary will be provided by Jim Proudfoot and former Republic of Ireland midfielder Andy Townsend.
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Arsenal vs Liverpool: Team news
The Gunners are without Thomas Partey, Nicolas Pepe, Mohamed Elneny and Pierre-Emerick Aubameyang due to AFCON duty.
Eddie Nketiah is expected to miss out after a positive Covid test, while Gabriel will be serving his one-match ban due his red card against Man City.
As for Liverpool, Klopp is set to miss the first leg due to self-isolation rules, with Alisson Becker, Roberto Firmino and Joel Matip also in quarantine.
The start of AFCON has seen their list of absentees increase by three with Mohamed Salah, Sadio Mane and Naby Keita all heading to Cameroon.
The Reds are also without Thaigo Alcantara, while squad players Takumi Minamino and Divock Origi remain doubtful.
Nat Phillips and Harvey Elliott are both long-term absentees but Andy Robertson can return from his three-match suspension.
Arsenal vs Liverpool: What has been said?
Liverpool assistant coach Pep Lijnders is positive the Reds have the firepower in attack to offset the loss of chief marksmen Mane and Salah.
"You can try to plan it but you can never prepare it," Lijnders said following the 2-2 draw with Chelsea.
"It is not a worry because we have faith in the boys we have and a few boys are coming back as well.
"We know that certain players can play more offensively as well, they have been playing in midfield but they can play more offensively as well."