The third round tie is the first of two games in four days between the famous old clubs with their Carling Cup quarter final scheduled for Tuesday.
Liverpool's triumphant run to Cardiff last season featured five victories over Premiership clubs and did not require any replays. All but one of their ties were played away from Anfield, with only the visit of Manchester United (1-0) requiring the Kop's presence for FA Cup business.
Nine different players scored for Liverpool over their six ties, led by their inspirational captain Steven Gerard with four goals. Peter Crouch and John Arne Riise also weighed in with three apiece, as they averaged exactly three goals per game. More recently, Gerard has scored in four of Liverpool's last six home games and is well worth backing in the goalscoring markets.
Overall, Liverpool have played 57 home games in Round Three of the FA Cup, winning 43, drawing seven and losing seven.
The Reds' most recent home defeat in the third round came against Coventry in 1997/98, while their most recent home defeat in any round came at the hands of Crystal Palace (2-0) in February 2003.
Arsenal have a fantastic FA Cup record in recent seasons having reached the final in four of the last six campaigns. Only last season did the Gunners fail to reach at least the final four in this period, losing 1-0 at Bolton in Round Four.
The Gunners have been drawn away from home on 43 occasions in the third round of the FA Cup, winning 23, losing 10 and taking a further 10 to an additional match.
Prior to last year's defeat at the Reebok Stadium, Arsenal had a spectacular record at other team's grounds in the competition, going unbeaten for nine years and 19 matches (W14 D5 L0).
The two sides last met in the FA Cup in the fourth round in 2001/02 when a solitary Dennis Bergkamp strike won an ill-tempered game at Highbury, which also featured three red cards.
This is the 12th time in the history of the world's oldest football competition that Liverpool and Arsenal have been paired, with the Londoners victorious on six occasions to Liverpool's five.
The home side has dominated recent encounters between the pair with the last six games all being won by the host team. With both teams holding unbeaten records at home this term, Liverpool's best chance of advancement will come this weekend and backing them to do so could leave a few extra quid in your back pocket for your Saturday night out.
Recommended bets:
Liverpool to win (11/10)
Gerrard to score first (6/1)
* All prices correct at time of writing.
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