The game is usually billed as the curtain raiser for the new league season and is always contested between the Premier League champions and FA Cup winners.
Both rivals will be seeking to lay down the marker ahead of the 2020/2021 campaign psychologically and also add to their trophy haul.
Liverpool can make it five trophies since winning the Champions League in June 2019, while Mikel Arteta can add to the record-extending 14th FA Cup he won in just under a year as manager.
Saturday will see the two clubs both playing in their 24th Community Shield.
The game kicks off 4.30pm West African time at Wembley Stadium.
Manchester United have won it the most times (21), while Arsenal and Liverpool are second in the all-time table with 15 wins each.