Both have produced and been home to numerous world-class players, managers and teams over the years, breaking numerous records and sweeping up trophies with regularity.
While Liverpool were the dominant force during the 1970s and 1980s, Chelsea's successes have come largely over the past 20 years, but that does not stop the Reds from coming into the showpiece occasion as favourites.
Here, Sports Mole will compile an all-time XI consisting of those who have represented and enjoyed great success with either Chelsea or Liverpool.
GK: Petr Cech
In one of the toughest decisions between Liverpool or Chelsea, Petr Cech takes the mantle in goal just ahead of the legendary Ray Clemence, who had an illustrious 14-year career at Anfield.
Clemence conceded just 16 goals in total during the 1978/79 league season, a record that was eventually broken by Cech, who let only 15 past him in 2004/05, starting Chelsea's era as competitors domestically and on the continent.
With 11 domestic honours to his name, it was Cech's performance in the 2012 Champions League final against Bayern Munich which will forever keep him in Chelsea folklore, saving Arjen Robben's extra time penalty, before denying both Ivica Olic and Bastian Schweinstiger in the shootout, giving Didier Drogba the opportunity to clinch their first UCL crown.
RB: Phil Neal
One of British football's most decorated players of all time, no player from these isles had more success on the continent than Phil Neal, who won four European Cups, a UEFA Cup and the UEFA Super Cup, with eight league titles to boot.
Only Ryan Giggs, Paul Scholes and Liverpool team mate Kenny Dalglish won more major honours with English clubs, and Neal was a stalwart in that successful side, playing a remarkable 366 consecutive league matches between 1974 and 1983.
Despite being a defender, Neal also offered a huge goal threat, long before the time full-backs were considered a key attacking outlet, scoring 97 goals across his career.
CB: Alan Hansen
Regarded as one of the all-time greatest central defenders, Alan Hansen played a crucial role as one of the three Scots brought to Liverpool by Bob Paisley in the late 1970s along with Graeme Souness and Dalglish.
Hansen was almost ever-present in the Liverpool defence, making over 600 appearances between 1977 and 1991, and winning eight league titles and three European Cups with the Reds.
CB: John Terry
As Chelsea captain during their most successful era as a club, there is no doubt that John Terry is the best defender ever to pull on that blue shirt.
In a glittering career, Terry won Five Premier League titles, five FA Cups, three League Cups and two European crowns, forming a superb partnership with Ricardo Carvalho during the aforementioned record-breaking 2004/05 season in front of Cech.
Despite missing a penalty in the 2008 Champions League final, Terry was named Defender of the Year by UEFA, before finally getting his hands on the trophy four years later, even though he was suspended for the final in Munich.
LB: Ashley Cole
In the advent of attacking full-backs, Ashley Cole was a trailblazer in that regard, becoming widely regarded as one of the best left-backs of the modern era.
Great pace, an eye for goal and pinpoint delivery made Cole the complete modern-day full-back, and spells under Jose Mourinho and Carlo Ancelotti ensured his defensive abilities were also finely tuned.
Following a move to Stamford Bridge after being part of the 'Invincibles' at Arsenal, Cole won all four major honours in an eight-year spell at the club, including four FA Cups, as he was also named England's Player of the Year in 2010.
CM: Graeme Souness
The pinnacle of the 'old-school midfielder' Souness was the enforcer in the middle of the pitch that was crucial to Liverpool's domination in the 70s and 80s.
An imposing presence in midfield, the tough-tackling, no-nonsense Souness was also extremely technically gifted, and had an eye for goal, scoring 55 goals in seven seasons at the club.
The Scottish international enjoyed extraordinary levels of success despite only a brief time at the club compared to others during that era, as those seven seasons at Anfield saw Souness win five league titles, four League Cups and three European Cups.
CM: Steven Gerrard
A generational homegrown talent who grew into one of football's most inspirational captains, Steven Gerrard's legend status will never be touched at Liverpool.
True captain's performances in the 2005 Champions League and 2006 FA Cup finals saw Gerrard pull his side back from the brink to win, earning Man of the Match on both occasions.
Despite never winning an elusive Premier League title, Gerrard's ability to break into the area to score goals, and also sit deep to dictate play made him one of the finest midfielders England has produced, as his 17-year spell at Liverpool brought the club millions of fans worldwide.
CM: Frank Lampard
One of the greatest-ever box-to-box midfielders, Frank Lampard was a crucial player in Chelsea's unparalleled success in the mid-to-late 2000s, and early 2010s.
Still the all-time top Premier League goalscorer from midfield with 177 goals, Lampard's knack of getting forward with regularity saw him hit double figures for league goals in 10 straight seasons between 2003 and 2013, including a 22-goal haul in 2009-10.
A Chelsea career that saw Lampard win 11 major honours will put him down as an all-time legend in West London, as an indifferent spell as manager has done nothing to tarnish his untouchable reputation at the club.
FW: Mohamed Salah
Following three decades of intermittent success, Liverpool have returned to the upper echelons of European football under Jurgen Klopp, and Mohamed Salah has been a pivotal factor in that, after being underused in an 18-month spell at Chelsea, the Egyptian returned to English football with the Reds and has become an all-time Premier League great.
One part of the front three that came to define Klopp's Liverpool, including Roberto Firmino and Sadio Mane, Salah has won every major honour available, and also came close to an unprecedented quadruple in the 2021-22 season.
Salah has netted 205 goals and counting in the red of Liverpool, scoring at least 20 goals in every season at the club, including 44 in his debut campaign back in 2017-18.
FW: Kenny Dalglish
Widely considered as Liverpool's greatest ever player, Dalglish's achievements at Liverpool elevated him to near-God-like status at Anfield.
Dubbed 'King Kenny', Dalglish won 15 major honours in a 13-year spell at the club, which included five years as player-manager, as the Scot also won PFA Player of the Year for 1982-83, before finishing runner-up in the 1983 Ballon d'Or, thanks to his performances with Liverpool.
The adoration towards Dalglish is summed up by the fact he topped the list of 100 Players who Shook the Kop, voted for by over 100,000 Liverpool fans in 2006.
FW: Ian Rush
The man who partnered Dalglish in attack also gets a spot in this XI, as Ian Rush ensured Liverpool's domination continued into the 1980s.
In 15 seasons with the club, Rush scored an incredible 346 goals, making him the club's all-time record goalscorer, and there was no shortage of major honours either, as the Welshman won 15 at Anfield.