The Reds fell just short of City in what was an incredible race for last season's Premier League title, but Jurgen Klopp's side did beat Tottenham Hotspur to win the Champions League at the start of June.
Liverpool, who have not actually won the Community Shield since 2006, will enter the match off the back of a 3-1 win over Lyon in their final pre-season clash.
The Merseyside giants, meanwhile, will start their 2019-20 Premier League challenge at home to Norwich City on August 9.
Here, Sports Mole looks at how the Reds could line up in the clash at Wembley Stadium.
Liverpool's preparations for the 2019-20 campaign have been difficult, considering that a number of players have only just joined up with the squad following international commitments over the summer.
As it stands, Nathaniel Clyne is Liverpool's only absentee through injury, with Alisson, Salah, Keita and Firmino all expected to start against City.
That said, Sadio Mane is yet to return to training following his exertions at the Africa Cup of Nations, meaning that the Senegal international will not be involved this weekend.