The pair also finished runners-up in the English and Scottish top flights races last season as well as lifting their respective Scottish and FA Cups, with Liverpool securing a domestic double in the EFL Cup.
Both sides have made stuttering starts to the current domestic campaign with Rangers trailing Celtic by two points after suffering a 4-0 defeat at Parkhead last month, while Liverpool are languishing down in ninth place in the EPL.
Rangers, however, go into the match on the back of a confidence-boosting 4-0 away win over Hearts on Saturday while Jurgen Klopp's side dropped points again after being held at home in a 3-3 draw with Brighton.
In the Champions League, Rangers are still looking for their first points in Group A after a 4-0 thumping to Ajax in Amsterdam was followed by a 3-0 reverse at home to Napoli, while Liverpool recovered from their own 4-1 hammering in Naples to beat the Dutch champions 2-1 at Anfield.
It promises to be a cracking atmosphere under the lights at Anfield ahead of the return fixture at Ibrox next week.
Here is everything you need to know ahead of the match...
Who: Liverpool v Rangers
What: Champions League Group A
Where: Anfield Stadium, Liverpool
When: Tuesday, October 4, 2022, kick-off 8pm
Is Liverpool v Rangers on TV?
Yes, the game is being shown live on BT Sport 2 with coverage starting at 6.30pm.
Non-subscribers can sign up to the channel by visiting the BT Sport homepage and selecting from a range of packages.
Is Liverpool v Rangers available on live stream?
A live stream option is available through the BT Sport web player or the BT Sport app, which costs £25 for a monthly pass.
You can sign up HERE
Rangers came away from Tynecastle with a clean bill of health but John Souttar, Ianis Hagi and Filip Helander remain sidelined through long-term injury while the clash will come too soon for Kemar Roofe, who is edging closer to full fitness.
Scotland captain Andy Robertson looks set to miss out for Liverpool due to injury while Jurgen Klopp may look to freshen up his team selection both in an attempt to find a winning formula and to rotate his squad ahead of a busy month of October before the winter break for the World Cup.
A team of French officials will be led by match referee Clement Turpin.
Assistant referees Nicolas Danos and Cyril Gringore will be running the lines while Ruddy Buquet is the fourth official.
Liverpool are priced as heavy favourites among the bookmakers.
Bet 365 have Liverpool 1/7, Draw 15/2, Rangers 14/1 while William Hill are offering 18/1 on a win for the Glasgow side.