Liverpool have struggled to get going this season, but come into this game on the back of a morale-boosting 3-0 win over Arsenal. Jurgen Klopp's side are 6th in the Premier League table, two points behind 4th-placed Chelsea.
Injuries have not helped their cause. Centre-backs Virgil van Dijk, Joe Gomez and Joel Matip are all out due to long-term injuries, while players like Thiago, Jordan Henderson and Diogo Jota have all missed chunks of the season due to various injury issues.
When the two clubs faced each in the finals of the 2018 UEFA Champions League, the match was filled with talking points and several controversial moments.
Real Madrid have had struggles of their own this season and Liverpool will be fairly confident.
We look at:
Liverpool's predicted XI against Real Madrid | UEFA Champions League 2020/21
Alisson Becker is regarded as one of the best goalkeepers in the world, and he will surely start against Real Madrid. The Brazil international has had some issues with injuries in recent seasons and manager Jurgen Klopp will be wary of his fitness condition.
The 28-year old has kept seven clean sheets in 25 Premier League games this season, with the defensive personnel in front of him constantly revolving.
Trent Alexander-Arnold's omission from the England squad for recent international fixtures raised some eyebrows. The 22-year old responded in emphatic fashion, producing a fine display in a 3-0 win over Arsenal. He will keep his place in the line-up against Real Madrid.
Centre-backs are a problem for Liverpool, though. The absence of Virgil van Dijk, Joe Gomez and Joel Matip has resulted in Klopp utilizing a mixture of young players and midfielders as centre-backs. Liverpool signed Ozan Kabak and Ben Davies in January from Schake and Preston North End respectively to deal with the issue.
Nathaniel Phillips has arguably benefitted a lot from a sustained run in the first XI. The 24-year old was close to joining Swansea City last summer but now looks set to start a crucial Champions League game against Real Madrid.
He will be partnered by Turkey international Ozan Kabak. The 21-year old endured a slow start to his Liverpool career but has done well in recent weeks.
Andrew Robertson has been a consistent presence at left-back for Liverpool. The Scotland international continues to impress with his attacking and defending prowess and is one of the best left-backs in the league. He will have a crucial role to play against Real Madrid.