The Gunners are set to return to Premier League action after experiencing a successful outing in the Champions League in midweek.
Mikel Arteta's side recorded a narrow 1-0 victory over Ukrainian champions Shakhtar Donetsk to maintain their unbeaten start to the league phase (W2, D1).
While may have enjoyed success in Tuesday's European clash, Arsenal failed to take anything from last Saturday's Premier League away game against Bournemouth.
Arsenal targeting landmark moment in Liverpool clash
William Saliba was shown a straight red card in the first period, before the Gunners conceded two second-half goals as they slumped to a 2-0 defeat on the South Coast.
As a result of that defeat, Arsenal missed their first opportunity to reach a significant milestone in the club's history.
The Gunners are just one victory away from becoming the second team to record 2,000 wins in the English top flight.
Liverpool are the only club to have achieved that feat, having clinched 2,066 top-flight wins in their illustrious history.
The Gunners claimed their 1,999th top-flight win when they scored two stoppage-time goals to beat Southampton 3-1 earlier this month.
Rice set to reach career milestone
Declan Rice is also on the brink of milestone, with the Arsenal midfielder set to make his 250th Premier League appearance.
Should he feature on Sunday, the England international will become the sixth youngest player to feature in 250 Premier League matches.
Meanwhile, Rice's teammate, Bukayo Saka, is on the verge of reaching 50 top-flight goals after scoring number 49 in the win over Southampton.
However, there is some doubt as to whether Saka will even be fit for Sunday's fixture, having been forced to miss the last two matches with a thigh injury he picked up while on international duty.
Arteta has confirmed that the 23-year-old has "done a bit of training on the grass", but it remains to be seen whether he will be deemed fit to play a role against Liverpool.