A run of just two wins from their last five league games has left the Gunners sitting two points adrift of the Champions League places, but victory at Anfield would see them leapfrog Chelsea into fourth until at least Sunday.
Arsenal were one of only three teams to avoid defeat against Liverpool during the first half of the season, though, and will be hoping to end the Reds' hopes of joining them in the Invincibles club in their final match of the year.
Here, Sports Mole looks at how Unai Emery could set his side up for the match.
Out: Henrikh Mkhitaryan (foot), Hector Bellerin (calf), Konstantinos Mavropanos (groin), Rob Holding (knee), Emile Smith Rowe (hip), Danny Welbeck (ankle)
Doubtful: Shkodran Mustafi (hamstring), Nacho Monreal (muscle)
Emery has favoured a midfield diamond in recent matches, although he could consider a reshuffle if he deems this game to be unsuitable for Mesut Ozil, as has been the case for a number of top-six clashes recently.
Ozil was taken off at half time against Brighton & Hove Albion on Boxing Day and so could be replaced from the start this weekend, with Aaron Ramsey and Alex Iwobi among the contenders to take his place.
Should Emery stick with the diamond then Matteo Guendouzi, Lucas Torreira and Granit Xhaka appear the most likely to sit behind the number 10 role, with the defensive nature of the trio helping to curtail Liverpool's attacking influence.
Nacho Monreal may be available to return while Shkodran Mustafi has been on the verge of a comeback for a while now, although Emery could still be without up to five first-team defenders.