The Blues are sitting in second place in the Women's Super League table, while the Reds will head into the midweek fixture in fifth position.
Match preview
Having picked up 32 points from 19 matches, Liverpool are already guaranteed to better last season's seventh-placed finish.
The Reds recorded a narrow 1-0 win in their most recent outing against basement side Bristol City thanks to Marie Hobinger's 15th-minute effort.
Although they have already made progress this term, Liverpool could still improve upon their current position, with just three points separating them from fourth-placed Manchester United.
Matt Beard's side are currently experiencing an underwhelming run of home form, having seen their last five home league games produce one win, two draws and two defeats.
However, they will have fond memories of their most recent home meeting with Chelsea in September 2022 when they came from a goal down to clinch a 2-1 victory.
Chelsea boss Emma Hayes will have to pick her side up following their Champions League semi-final exit at the hands of Barcelona.
The Blues went into Saturday's home leg with a narrow 1-0 advantage and dreaming of a second appearance in a European final.
However, Chelsea saw their lead wiped out by Aitana Bonmati, before a Kadiesha Buchanan red card and a Fridolina Rolfo penalty turned the tie in Barcelona's favour.
The West London club have ultimately seen their hopes of winning the League Cup, FA Cup and Champions League quashed in three of their last five matches, leaving them with just the WSL title to play for in Hayes's final season in charge.
Chelsea are may be sitting six points adrift of Man City, but they can move level on points with the Citizens if they win both of their games in hand.
The Blues will be looking to complete a league double over Liverpool after producing a free-scoring display to ease to a 5-1 victory in November's fixture.
Liverpool Women Women's Super League form:
W
W
W
D
L
W
Liverpool Women form (all competitions):
Chelsea Women Women's Super League form:
W
L
W
W
W
W
Chelsea Women form (all competitions):
Team News
Liverpool are expected to be without Sofie Lundgaard and Shanice van de Sanden, while Jasmine Matthews and Niamh Fahey are both doubts for Wednesday's contest.
Defender Gemma Bonner could be brought into the side to feature in a back three alongside Jenna Clark and Grace Fisk.
Wales international Ceri Holland is in contention for a recall after dropping down to the bench for the win over Bristol City.
As for the visitors, they are still unable to call upon Aniek Nouwen, Mia Fishel, Sam Kerr, Jorja Fox and Nicky Evrard due to injury.
Colombian forward Mayra Ramirez is unlikely to feature after picking up an injury in the lead-up to Saturday's second leg against Barcelona.
Hayes could be tempted to bring some fresh legs into the side, with the likes of Eve Perisset, Guro Reiten and Aggie Beever-Jones all in contention to start against Liverpool.
Liverpool Women possible starting lineup:
Micah; Clark, Bonner, Fisk; Parry, Hobinger, Nagano, Holland, Hinds; Kiernan, Haug
Chelsea Women possible starting lineup:
Hampton; Perisset, Carter, Buchanan, Charles; Leupolz, Cuthbert; Beever-Jones, James, Reiten; Macario
We say: Liverpool Women 1-2 Chelsea Women
Chelsea will look to use the disappointment of their Champions League exit as fuel for their WSL title bid, and we believe that the Blues will showcase their extra quality to claim a narrow victory in Wednesday's away fixture.