The two sides are set to face off in the Champions League next month, and the 1994 and 2002 World Cup winner has named which players he prefers over their counterparts.
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Liverpool have had an underwhelming season so far, sitting ninth in the league and 10 points off the top four.
They're also a whopping 21 points off Premier League leaders, Arsenal.
Real Madrid on the other hand, are second in LaLiga, three points behind rivals Barcelona.
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But despite this and Los Blancos beating the Reds in the Champions League final last season, Cafu has picked a lot of Jurgen Klopp's players to go in his combined XI when speaking to TNT Sports Brasil.
So who has edged it for the Brazil legend?
Starting at the back, he has omitted compatriot and Liverpool goalkeeper Alisson for Thibaut Courtois.
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The Belgian has kept two clean sheets in his four Champions League games this season, whilst Alisson has had three in six.
In Cafu's backline, three of the four defenders are Liverpool players.
Andy Robertson, Virgil van Dijk and Trent Alexander-Arnold all make it into his XI over their counterparts Ferland Mendy, Antonio Rudiger and Dani Carvajal.
However, Eder Militao makes it in over fellow right centre-back Ibrahima Konate.
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In midfield, the Reds have a clean sweep, with Thiago and Jordan Henderson either side of Fabinho over Los Blancos' Eduardo Camavinga and legendary midfielders Luka Modric and Toni Kroos.
When it comes to attack, though, Real Madrid dominate Cafu's selections given Liverpool's goal drought of late.
Karim Benzema has been chosen to lead the line over Darwin Nunez, whilst Cody Gakpo is also snubbed for Vinicius Jr.
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Mohamed Salah does edge it over Federico Valverde, though, despite his slip in form this season.