For the first time in a long time, both sides are struggling outside the top-four positions after what's been a difficult campaign.
The Reds have struggled to match their lofty standards this season as their title defense is already over.
With just 13 wins from 29 games and nine defeats, Jurgen Klopp's side are a massive 25 points off runaway leaders Manchester City.
Following a decent run in the first half of the campaign, Liverpool's form totally nosedived after the turn of the new year. They have even lost six consecutive times at home.
Circumstances are so dire that the defending champions are now facing a race against time to even secure a Champions League spot.
Meanwhile, Arsenal have been hit with the same old problems and languish ninth in the standings with just 12 wins and 42 points so far.
Mikel Arteta is walking a tight rope and has just 10 games left to close the seven-point gap on fifth-placed Tottenham Hotspur to secure European football next season.
Arsenal vs Liverpool Head-To-Head
It is one of the oldest ever fixtures in football as Arsenal and Liverpool have clashed with each other in 232 games across various formats.
Liverpool narrowly edge their London counterparts in the head-to-head record with 90 victories, while Arsenal have beaten them on 81 occasions.
Arsenal Form Guide (all competitions): D-W-W-L-D
Liverpool Form Guide (all competitions): W-L-L-W-W
Arsenal vs Liverpool Team News
Willian is a doubt for the Gunners. The Brazilian suffered a calf injury before the international break, but had two weeks to recover. Meanwhile, Bukayo Saka also withdrew from the England squad with a minor hamstring problem and should be well rested for the weekend showdown.
Emile-Smith Rowe missed the England under-21's last game against Croatia with a hip injury and will be sidelined. David Luiz has been ruled out of the game with an injury.
Injured: Emile-Smith Rowe, David Luiz
The Premier League holders have witnessed a massive injury crisis this season, especially in defense. They still have key players like Virgil van Dijk, Joe Gomez, and Joel Matip out injured.
Skipper Jordan Henderson is set to be out for longer than expected and faces a race against time to be fit for the European Championship in June.
Roberto Firmino sustained a knee injury last month but has returned to training. However, given Diogo Jota's rich vein of form right now, the Brazilian might start on the bench.
Injured: Virgil van Dijk, Joe Gomez, Joel Matip, and Jordan Henderson
Arsenal vs Liverpool Predicted XI
Arsenal (4-2-3-1): Bernd Leno; Hector Bellerin, Rob Holding, Gabriel, Kieran Tierney; Thomas Partey, Granit Xhaka; Nicolas Pepe, Martin Odegaard, Pierre-Emerick Aubameyang; Alexandre Lacazette.
Liverpool (4-3-3): Alisson; Trent Alexander-Arnold, Nat Phillips, Ozan Kabak, Andrew Robertson; Thiago Alcantara, Fabinho, Georginio Wijnaldum; Mohamed Salah, Diogo Jota, Sadio Mane.
Arsenal vs Liverpool Prediction
Liverpool beat Arsenal comprehensively in the first-leg of their clash, but a lot has changed for both sides since then.
Diogo Jota's form might give the Reds some hope but a poor defense remains Klopp's biggest worry.
It's really hard to predict this one, but we think this match will produce an entertaining draw.
Prediction: Arsenal 2-2 Liverpool