The last meeting finished 1-1 between the two sides at Anfield just before Christmas, but Liverpool have managed to pull clear of the Gunners in the Premier League title race since then.
However, it's difficult to predict what kind of encounter we will witness in north London this weekend, especially given that Jurgen Klopp and Mikel Arteta are likely to rotate their sides.
Liverpool have only won the FA Cup once under Klopp back in 2022, but will have to do things the hard way if they want to lift the trophy again this season.
Here is how Anfield Watch's writers think Arsenal vs Liverpool might play out.
Ewan Ross-Murray: God knows what kind of game we'll see on Sunday, with both starting lineups likely to look remarkably different from December's clash.
The Reds don't enjoy a particularly promising record in the FA Cup, while they're winless in three against the Gunners.
If Liverpool go strong, or even relatively strong, then they have a decent chance of at least forcing a replay - not that anybody wants that.
But it's difficult to predict a Liverpool win for this one, especially given the rotation that is likely to take place at the Emirates.
Arsenal 2-2 Liverpool
Andy Headspeath: Arsenal away was probably the last tie Jurgen Klopp would've wanted when the third round was drawn (Man City aside).
Liverpool are in better form, but the Gunners are at home. With both teams competing on multiple fronts and managing squads already teetering on the brink of injury crises, ultimately, the result may come down to which manager takes the FA Cup more seriously this year.
The fact that absolutely no-one will want a replay makes me fear that is exactly what is going to happen.
Arsenal 1-1 Liverpool
Alex Caple: No Salah, no Endo, no Szoboszlai, no Robertson, no Matip - all players who would start this one otherwise. Arsenal are missing players but certainly not to this degree.
The Gunners are also the home side here. Everything is stacking up in their direction - other than their recent form. Maybe that makes all the difference as Liverpool have been good at fighting against the odds this season.
Arsenal are definitely favourites but Liverpool maye just be more up for the right. Unfortunately, that might balance out to force a replay.
Arsenal 2-2 Liverpool