While the Foxes are bidding to win the competition for a fourth time in the Club's history, they will be coming up against an outfit who have lifted the famous trophy on eight occasions, most recently in 2011 under the management of Kenny Dalglish.
Ahead of this latest cup tie, here's everything you need to know...
Who's starring on LCFC Radio?
Live coverage of the match will begin at 6:15pm on Wednesday evening with presenter Dan Bates set to be joined by '90s heroes Matt Elliott and Tony Cottee. As well as hearing the pre-match views of that former Leicester duo, we'll also have confirmed team news and interviews with key figures.
Then, from around 7:35pm, live commentary begins. Commentator John Dunn will be in the company of Gerry Taggart, another member of an iconic Foxes side in the late 20th century, to talk the Blue Army through all the action as it unfolds on the red side of Merseyside.
Half-an-hour of post-match reaction will then follow from Elliott, Cottee and Taggart after the conclusion of City's final game before Christmas. All pre and post-match coverage can be found across @LCFC social media, while in-play commentary will be housed, for free, on the LCFC.com Match Centre.
When does everything happen?
All the key matchday timings for Leicester City’s latest Carabao Cup fixture...
| Event | Time |
| Matchday Live begins on LCFC Radio | 6:15pm |
| Team news revealed on @LCFC | 6:45pm |
| Live commentary starts on LCFC Radio | 7:35pm |
| Kick-off | 7:45pm |
| Full-time | 9:35pm approx |
| Short & full highlights on LCFC TV | From 1am (Thursday) |
| Highlights on @LCFC social media | From 1am (Thursday) |
What happened last time against the Reds?
Goals from James Maddison, Jamie Vardy and Harvey Barnes, all in the space of seven minutes, secured a 3-1 Premier League victory over Liverpool at King Power Stadium back in February. Mo Salah had given the Reds a first-half lead on Filbert Way, but the Foxes hit back late on to register the win.
Earlier last season, on the other hand, Jürgen Klopp's men came out on top at Anfield, with a Jonny Evans own goal being followed by efforts from Diogo Jota and Roberto Firmino in a 3-0 success for the home side.
When can I catch match highlights?
At 1am on Thursday, a full highlights package and goals video - available for free to Digital Members on the Club's official website (free sign-up) - will be posted on LCFC TV. Leicester City's official social media channels, meanwhile, will post short clips from the day's action on Thursday.
All times GMT unless stated otherwise.