City and the Reds were the two best teams in the country by a long way last year, so it is only right they get to participate in the traditional curtain-raiser.
The Citizens won the Premier League, while the Reds triumphed in the FA Cup.
But both sides could look very different from last season, with injuries, fitness and new signings impacting managers Pep Guardiola and Jurgen Klopp's decisions.
So, talkSPORT.com decided to take a look at the latest team news from both camps.
Manchester City
Manchester City have had a summer of change, with four new signings though a few important players have left.
Gabriel Jesus, Raheem Sterling and Oleksandr Zinchenko are no longer at City, while Kalvin Phillips, Erling Haaland, Stefan Ortega and Julian Alvarez have joined.
Haaland scored just minutes into his debut and could lead the line in Leicester.
Meanwhile, Alvarez and Phillips will probably be involved but might not be in Guardiola's starting XI.
Given it's technically a friendly, the boss might choose to play Ortega rather than Ederson in goal.
But City's pre-season preparations have been far from ideal when midfielders Phil Foden, Ilkay Gundogan and defender John Stones were barred from entry to the USA because of their Covid vaccination status.
So, although they may be fit, it is hard to imagine they would be able to play against a team like Liverpool just yet.
Meanwhile, defender Aymeric Laporte wasn't deemed fit enough to be included on the tour by Guardiola, which means he must be a doubt.
Liverpool
There have also been a few changes at Anfield, with forward Sadio Mane the major departure.
Mane was an integral part of Klopp's team but Darwin Nunez looks like an excellent replacement.
The Reds have shelled out £85m on the Uruguayan forward, and with Diogo Jota injured, he will probably start against City.
Roberto Firmino is another option for the Reds, but it would be a surprise if Klopp didn't play Nunez, given his involvement in pre-season.
Fellow new signing Fabio Carvalho could also play a part, but Calvin Ramsay is likely to miss out because he hasn't played a game since joining from Aberdeen.
There are also injury concerns for midfielder Alex Oxlade-Chamberlain and goalkeepers Alisson Becker and Caoimhin Kelleher.
Oxlade-Chamberlain is out with a hamstring problem, while Alisson has had an abdominal injury that has ruled him out of Liverpool's last two pre-season matches.
This means Adrian could start in goal for the Reds at the King Power.