Jurgen Klopp’s side – who beat Chelsea on penalties in last year’s final – have Premier League opposition first up and are looking for a response following a disappointing defeat at Brentford on Monday.
Wolves, meanwhile, drew against Aston Villa on Wednesday evening and are looking to record a shock win as Julen Lopetegui experiences FA Cup football for the first time.
The teams have not met yet this season in the Premier League – they last met on the final day of last season, when the Reds won 3-1.
Here’s everything you need to know ahead of the match.
When is the game?
Liverpool play Wolves at 8pm GMT on Saturday 7 January at Anfield.
Where can I watch it?
The game will be broadcast on ITV 4 and STV, and can be streamed on ITV X or the STV Player across all devices.
What is the team news?
Cody Gakpo could make his debut for the Reds following his move from PSV Eindhoven; Jordan Henderson is set to be back in the squad after concussion but Virgil van Dijk misses out due to a hamstring injury. Back-up goalkeeper Caoimhin Kelleher could deputise for Allison.
Lopetegui is still without Pedro Neto and Boubacar Traore, while Daniel Podence – who scored a brilliant goal against Villa – is doubtful after picking up a knock in midweek.
LIV – Kelleher; Alexander-Arnold, Gomez, Matip, Robertson; Fabinho, Henderson, Thiago; Gakpo, Nunez, Salah
WOL – Sarkic; Semedo, Collins, Kilman, Ait-Nouri; Neves, Nunes, Moutinho; Hwang, Costa, Traore
Liverpool – 3/10
Draw – 9/2
Wolves – 8/1
Expect a big response from Liverpool in front of their home fans under the lights – with Gakpo spearheading the attack. Liverpool 3-1 Wolves