Thomas Tuchel's side will take on Jurgen Klopp's Reds in the FA Cup final at the Wembley Stadium in London on Saturday.
The Blues have already won two trophies this season, having clinched the UEFA Super Cup and Club World Cup.
However, they fell just short against the Reds in the League Cup final in February, with Liverpool defeating them 11-10 on penalties.
It was a nail-biting encounter between the two English giants despite the scorline being 0-0 after 120 minutes.
An equally exciting penalty shootout followed, with Chelsea substitute keeper Kepa Arrizabalaga being the only player to miss his spot kick.
Joe Cole, who formerly played for both clubs, has predicted the Blues to just edge Liverpool.
The former England winger has tipped the Blues to win the game 1-0 thanks to Thomas Tuchel's tactical approach.
Cole told JOE:
“I fancy Chelsea to win 1-0. Admittedly that’s my heart rather than my head because Liverpool look impenetrable at the moment."
"You see the way they’re playing, they’re such a great team. But I think Thomas Tuchel might have something up his sleeve for this game so I’m going for Chelsea."
Chelsea vs Liverpool should be a thrilling FA Cup final
Going by their overall season and recent form, Chelsea seem to be no match for Liverpool.
However, the Blues have done incredibly well under Tuchel in knockout games. It was a tactical masterclass from the German manager that resulted in them beating Manchester City 1-0 in the Champions League final last season.
In the League Cup final as well, the Blues had more clear cut chances to score in comparison to their opponents.
It has been a difficult season for the West London club both on and off the pitch and despite that, Tuchel has done a pretty commendable job.
The Blues will definitely have added motivation to clinch the FA Cup having missed out on the silverware last season against Leicester City.
On the other hand, Liverpool's quadruple hopes look bleak right now but they can still win a treble.
If they can win the FA Cup and Champions League having already clinched the League cup, it will still be a season to remember forever for the Reds.