The Gunners may have travelled to Merseyside as league leaders but they were blown away by the Reds, who ran out 5-1 winners thanks especially to a dazzling first half.
Read how it all unfolded in SM's minute-by-minute updates below.
11.46amMorning all! It's one of the matches of the weekend at Anfield as the Reds host the Gunners. Team news is just reaching here...
11.48amLIVERPOOL XI: Mignolet; Flanagan, Toure, Skrtel, Cissokho; Gerrard, Henderson; Sterling, Coutinho; Suarez, Sturridge
11.49amLIVERPOOL SUBS: Jones, Kelly, Ibe, Moses, Aspas, Allen, Alberto
Liverpool FC (@LFC) February 8, 2014
11.51amWhile we're waiting for the Arsenal team news, let's take a closer look at that Liverpool lineup. It's the same XI that drew with West Brom last week, with no surprises in the starting XI.
11.52amARSENAL XI: Szczesny; Sagna, Mertesacker, Koscielny, Monreal; Wilshere, Arteta; Oxlade-Chamberlain, Cazorla, Ozil; Giroud
11.53amARSENAL SUBS: Fabianski, Jenkinson, Gibbs, Rosicky, Gnabry, Podolski, Bendtner
11.55amArsene Wenger, meanwhile, makes one change to his Arsenal side that beat Crystal Palace last week as Jack Wilshere replaces Lukas Podolski. Alex Oxlade-Chamberlain scored a brace against the Eagles and retains his starting spot.
11.59amAs mentioned above, Arsenal will go 11 points clear of fourth-placed Liverpool at the top of the table if they clinch victory today. If the Reds are triumphant, then they will close to within three points of Manchester City and Chelsea in second and third, who play Norwich City and Newcastle United respectively later today.
12.03pmIn the reverse fixture back on November 2, it was Arsenal who came out on top by two goals to nil. Both Santi Cazorla and Aaron Ramsey scored cracking goals that day. Cazorla's present again today but Ramsey is out injured.
12.11pmThis year marks the 25th anniversary since Arsenal dramatically won the title on the last day of the season at Liverpool. Here's a nice graphic from BT Sport of the kits in the last quarter of a century:
12.14pmA nice moment in the tunnel as Luis Suarez and Santi Cazorla share a friendly embrace before splitting on the pitch to go their separate ways and warm up.
12.16pmThere's an early game in the Championship as well which has just kicked off at Huish Park. Yeovil Town are hosting troubled club Leeds United and I'll bring you goal updates from that one.
12.19pmSTAT! An interesting stat from @Squawka on Twitter: Only Philippe Coutinho has attempted more through balls (35) than Jack Wilshere (25) in the Premier League this season.
12.22pmWilshere's return is certainly a big boost for Arsenal. He'll be up against England teammates Steven Gerrard and Jordan Henderson in the middle of the park. Will all three be going to Brazil for the World Cup? At the moment, you'd expect so.
12.25pmH2H! Liverpool's recent record against the Gunners isn't great. They've only won one of their last 13 but do have a good recent record at Anfield, winning nine of their last 10 at home. Last season's match on Merseyside finished 2-0 to the Gunners, with Podolski and Cazorla getting the goals either side of half time.
12.28pmToday's game pits the deadliest strike duo in the league up against perhaps the best central-defensive partnership. Luis Suarez and Daniel Sturridge have scored 63% of Liverpool's goals with 37 this season but they might struggle today against the Laurent Koscielny-Per Mertesacker led defence. The Gunners haven't lost a game for over two years when the French-German pair have lasted all 90 minutes together.
12.30pmAhead of today's game, BT Sport's Steve McManaman interviewed Suarez and you can read some of the Uruguayan's quotes here.
12.37pmSTAT! Meetings between these sides have produced more hat-tricks (five) than any other Premier League fixture.
Who will it be?! Suarez? Sturridge? Giroud? MERTESACKER?!
Who will it be?! Suarez? Sturridge? Giroud? MERTESACKER?!
12.40pmPREDICTION TIME! Just five minutes until kickoff at Anfield. I have to say that I'm really looking forward to this one and am expecting goals. It's so hard to call so I'm going to sit on the fence and go for a draw - 2-2.
12.41pmThe two sides are lined up in the tunnel and ready to emerge to an expectant crowd. Liverpool in all-red, Arsenal in their fetching yellow and blue away kit.
12.42pmWenger has told BT Sport that how his defence performs is paramount today. Click here to read more quotes.
12.44pmRight, everyone ready? A rousing chorus of 'You'll Never Walk Alone' is currently being sung by the home supporters. Great atmosphere at Anfield.
12.45pmAhead of kickoff, there will be a minute's applause for former player Tony Hateley, a one-time record signing for the Reds, who died aged 72 last week.
0 minKICKOFF! And we're off. The Gunners get us underway.
1 minGOAL! LIVERPOOL 1-0 ARSENAL (SKRTEL)
1 minBlimey, what a start!
1 minLiverpool win a free kick on the left that Gerrard curls over. It takes a slight touch before reaching Skrtel, who pokes home from point-blank range. If it hit a Liverpool player before reaching him, then the big defender was offside. Might have been an Arsenal player who got the touch though.
5 minThe Reds look confident and have just come close again through Sturridge. The England striker cut in from the right and fired low at goal where Szczesny held well at the near post.
6 minReally good intensity from Liverpool early on. Suarez has just hounded Sagna into passing all the way back to Szczesny.
8 minMIX UP! Almost a calamitous goal for Liverpool to concede as Wilshere looks for Monreal over the top. Mignolet comes out but instead of catching it, punches it into Flanagan, who inadvertently directs it goalwards where Skrtel clears for a corner.
10 minGOAL! LIVERPOOL 2-0 ARSENAL (SKRTEL)
10 minHands up if you had Skrtel to score a brace today?!
10 minHis first goal may have been a bit fortunate, but this is an incredible header from Skrtel. It's Gerrard again with the delivery that Skrtel stoops low to somehow arc a header all the way across goal and into the far corner.
12 minMISS! The home side should be three up! They break quickly and it's Suarez who feeds Sturridge. He just has Szczesny to beat but clips it wide.
13 minOFF THE POST! Relentless from the Reds. Suarez has been the standout player in the league this year and has almost scored perhaps the best goal of his career! A corner was pinged back to him outside the area where he somehow swiped a volley with such power against the upright. An incredible hit and so unlucky. The loose ball came quickly to Toure who could only hit wide in front of an open goal.
15 minArsenal finally have a chance as Mertesacker heads Cazorla's corner wide.
17 minGOAL! LIVERPOOL 3-0 ARSENAL (STERLING)
17 minUnbelievable scenes at Anfield as the home side streak down the right through Suarez, whose low cross to the back post is perfectly weighted for Sterling to tap home. Wenger is fuming on the sidelines as he thought there should have been a free kick awarded in the build-up.
20 minGOAL! LIVERPOOL 4-0 ARSENAL (STURRIDGE)
20 minWHAT'S GOING ON?!
20 minSurely this is game over already after just 20 minutes! Sturridge gets in on the act by finishing after a fabulous through-ball from Coutinho.
23 minWith Liverpool scoring four it brings back memories of that incredible 4-4 draw between these two a few season back. Unfortunately for the Gunners, they don't have Andrey Arshavin, who scored all four that day, anymore.
26 minHere's a photo of Skrtel running away in celebration after the first goal. As if there's been three more since then!
1.14pmUPDATE! It's half time at Huish Park in the Championship where Yeovil lead Leeds by a goal to nil. The Glovers have also missed a penalty.
30 minWith Skrtel, Sterling and Sturridge on the scoresheet, it's SASAS for Liverpool today.
31 minHere's a great shot of Skrtel's miraculous second header looping into the far corner:
33 minAs things stand, Liverpool will be closing to within five points of Arsenal at the top of the table. Assuming that the Reds come out on top it also gives Manchester City and Chelsea the chance to move ahead of Arsenal later today.
1.21pmUPDATE! It didn't take Leeds long to equalise after half time. Top scorer Ross McCormack with a stunning strike to level it up down at Huish Park.
38 minArsenal come forward on the counter-attack but can't take advantage of good numbers in the middle as Ozil's cross is blocked.
40 minSuarez unintentionally clatters Monreal in the face and the Spaniard stays down. It actually looks like an ankle problem for the left-back. He might have rolled it. Looks like he's OK to continue.
45 minA frustrated Wilshere barges into Gerrard, committing his second foul in as many minutes. Lucky not to get booked. Three minutes added on.
45+1 minCLOSE! Gorgeous play from Suarez as he nutmegs Monreal before cutting back inside the Spaniard. He's on his left foot and curls over a cross-shot that is ahead of Sturridge and past the far post.
45+3 minHALF-TIME: LIVERPOOL 4-0 ARSENAL
1.35pmAn amazing half of football comes to an end. Liverpool have been so confident and fully deserve to lead. Four-nil is obviously a bit extreme but the Reds have been so much better than the table-topping Gunners.
1.42pmPHOTO! Rampant Liverpool celebrate Sturridge's goal:
1.46pmArsenal have surprisingly had more possession with 53% but they've done nothing with it. They've had just one shot while Liverpool have had 10 and got six on target. The hosts also hit the post when Suarez hit the most outrageous of volleys from 30 yards against the upright. Would have been probably the best goal he's ever scored it was that good.
1.49pmUPDATE! There's a quarter of an hour left in the Championship between Yeovil and Leeds. The visitors are now in front at 2-1 thanks to Stephen Warnock's free kick which was a floated cross that caught the wind, gathered speed and flew in past everyone!
1.51pmDoesn't look like any changes have been made by either manager at half time. What must Wenger have said to his players in the dressing room?
46 minKICKOFF! The Reds get us back underway.
46 minBOOKING! Michael Oliver pulls out his yellow card for the first time, booking Henderson for a cynical foul on Wilshere. Free kick to Arsenal, 27 yards out and central.
47 minCazorla's effort clipped Suarez's head and looped out for a corner.
48 minPeculiar from Ozil as he stops running instead of chasing down Giroud's clever through-ball.
49 minTerrible decision from the officials as they award Liverpool a corner even though it clearly hit Sturridge's shoulder, not the Arsenal defender.
52 minGOAL! LIVERPOOL 5-0 ARSENAL (STERLING)
52 minA second for Sterling as the rout continues. The England winger timed his run to perfection, running on to Toure's ball over the top and finishing at the second attempt after his first shot was saved.
55 minCHANCE! Sterling almost has a hat-trick as he stabs goalwards at the back post but can't quite squeeze it home.
57 minGiroud's flick-on is straight Mignolet. Either side and that could have been a goal.
57 minOxlade-Chamberlain has a go and strikes it well but can't find the corner to beat Mignolet.
59 minBOOKING! Wilshere goes into the book after a succession of fouls. Giroud was also cautioned just before Liverpool's fifth.
61 minARSENAL SUBS: Wenger makes a triple change, bringing on Lukas Podolski, Kieran Gibbs and Tomas Rosicky for Giroud, Monreal and Ozil.
63 minSAVE! Incredible stop from Szczesny as he somehow keeps out Suarez's 30+ yard free kick that was right in the top corner.
66 minLIVERPOOL SUB: First change for the Reds as Sturridge comes off for Joe Allen. Another good display from the England frontman.
67 minCHANCE! Close to six for the hosts as Coutinho threads in Henderson. He's pushed a little wide so tries to lob Szczesny but pulls it wide.
68 minPENALTY TO ARSENAL! Gerrard brings down Oxlade-Chamberlain.
69 minGOAL! LIVERPOOL 5-1 ARSENAL (ARTETA, PEN.)
69 minSarcastic cheers from the Liverpool fans as Arsenal pull one back though Arteta, who calmly stroked it down the middle from 12 yards.
2.15pmUPDATE! It finished 2-1 to Leeds in the Championship. Good result for the club in turmoil. Report here.
72 minSAVE! Fantastic stop from Mignolet as he palms away Arteta's powerful low free kick. The Belgian saw it late but was still alert enough to get down and push clear.
74 minCHANCE! Coutinho looks to get in on the act but can only hit it straight at Szczesny after Henderson's cutback.
76 minLIVERPOOL SUB: Reds captain Gerrard is allowed off early as youngster Jordan Ibe comes on.
79 minSuarez wants to get in on the act but can't get away a good shot after breaking down the left-hand side.
83 minThe game is now petering to a close. Only one result is possible and this scoreline could be a big big factor for both sides come the end of the season if goal difference comes into play.
85 minFebruary has been billed as a make-or-break month for the Gunners and they've failed spectacularly in the first of many big tests over the next few weeks. Next week they again play Liverpool in the fifth round of the FA Cup but before then they have to host Manchester United in midweek.
86 minLIVERPOOL SUB: Suarez won't be on the scoresheet today as he is taken off for Iago Aspas.
86 minCHANCE! Sterling misses another chance to get his hat-trick after a tremendous burst of pace. He could have easily squared to Aspas but went alone in search of a third and was denied by Szczesny. Selfish, but understandable.
87 minIbe gets a warm round of applause after a run across the area and shot that flew over the top.
90 minTHREE minutes signalled by the fourth official. Not much longer for Arsenal to suffer.
90+2 minHalf-chance for the Gunners as Arteta's free kick is met by Podolski but he can only weakly head straight at Mignolet.
90+4 minFULL-TIME: LIVERPOOL 5-1 ARSENAL
2.38pmAlmost a sixth in the final moments as Cissokho bursts into the box but pulls it wide from a tight angle.
2.40pmWhat a win for Liverpool! The second half may have been 1-1 but it was all about the first 20 minutes of the game when the home side scored four goals.
2.42pmWe've got to dash off quickly so this commentary is coming to a close. There's plenty more live coverage on site right now, with all six 3pm Premier League games individually covered. Find everything you need here. Enjoy!