Liverpool saw off Preston North End in the last round while Leicester beat Brighton on penalties.
Jurgen Klopp's Reds drew 2-2 at Tottenham on Sunday but the Foxes have not been in action since December 12 due to Covid postponements.
Both are battling the affects of the Covid chaos and will be in top-flight action on Boxing Day.
That will likely mean they make changes for this cup tie but both will still be eager to reach the semi-finals.
Liverpool v Leicester: talkSPORT commentary
The Carabao Cup tie is set to take place on Wednesday, December 22 at Anfield and kick-off is scheduled for 7:45pm.
Adrian Durham will be your host while commentary will be provided by Sam Matterface and former Republic of Ireland midfielder Andy Townsend.
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Liverpool v Leicester: Team news
Both sides will likely make changes for this tie as they battle a host of positive Covid tests.
Liverpool will be without Virgil van Dijk, Nat Phillips, Fabinho, Thiago Alcantara, Curtis Jones, Harvey Elliot and Divock Origi.
The likes of Kaide Gordon, Conor Bradley, Tyler Morton and Harvey Blair will hope be included again.
Leicester have several issues too with Kelechi Iheanacho, Jannik Vestergaard, Ademola Lookman, Ayoze Perez and Hamza Choudhury out.
Caglar Soyuncu and Jonny Evans are doubts while James Justin and Wesley Fofana remain sidelined.
Liverpool v Leicester: What has been said?
Leicester won the FA Cup last season and Wilfred Ndidi believes that will give them the confidence to claim more silverware this season.
He said: "It gives us this mindset that it is achievable, it is possible, no matter the team you are playing. It is really possible. The confidence is here.
"When you think back to that amazing feeling of winning the FA Cup, it is something we have in our minds that we can achieve things together as a group.
"We've done it and it we can still do it. We've done it before and we can do it. It all depends on us to actually be at our best in every single game.
"Liverpool are the same as us because we'll be having some players missing.
"They also might have [some players missing], but it's football. Sometimes you have players injured. It's something you have to deal with, but for them also. It's a game where we can get something out of it.
"We're going there to get something out of it. We believe in ourselves and we just need to do it. You will see the confidence comes from there."
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