The Reds only brought the curtain down on their Premier League campaign on Sunday but will travel to Australia to round off their season with a friendly as one of several celebrations of the club's upcoming 125th anniversary on June 3.
Jürgen Klopp is taking 21 first-team players, though Emre Can and Philippe Coutinho will not travel due to international commitments. Can will represent Germany at the Confederations Cup in Russia while Coutinho's Brazil face two friendlies in Melbourne.
But in a unique first, the Reds will be joined by four former players - Gerrard, Carragher, Daniel Agger and Steve McManaman, at the ANZ Stadium.
The quartet will help comprise the team of past and present players with nine of the 11 that helped beat Middlesbrough on the final day to secure a top-four finish included in the travelling party.
Trent Alexander-Arnold and Ben Woodburn, who both broke into the first-team this season, are joined by Harry Wilson - who netted 28 goals as Under-23s captain - and Rhian Brewster, who recently featured for England U17s in the European Championships but lost on penalties to Spain in the final.
Marko Grujić will not travel while another notable absentee is captain Jordan Henderson, who is continuing to recover from an unspecified foot injury that has sidelined him since February.
The midfielder told the club's official website however that his rehabilitation is "definitely going in the right way" and said he feels "probably the best" he has throughout his period out injured yet.
He added: "It's a little bit too late now the season has finished but I've got all summer to get back to where I want to be so come pre-season I should be okay."
It is also thought that the friendly was schedule for this month, rather than in July, as Klopp looks to limit the miles that his squad travel before they kick off the 2017-18 campaign on August 12.
Their pre-season plans include a short tour of the Far East with fixtures in China and Hong Kong, before a training camp in Germany and participation in the Audi Cup as well as friendly against Hertha Berlin - also celebrating their 125th anniversary this summer.
Liverpool's full 25-man squad
Goalkeepers: Loris Karius, Simon Mignolet.
Defenders: Nathaniel Clyne, Trent Alexander-Arnold, Connor Randall, Joël Matip, Joe Gomez, Dejan Lovren, Ragnar Klavan, James Milner, Alberto Moreno.
Midfielders: Lucas Leiva, Kevin Stewart, Adam Lallana, Georginio Wijnaldum.
Attackers: Harry Wilson, Roberto Firmino, Daniel Sturridge, Divock Origi, Ben Woodburn, Rhian Brewster.
Liverpool Legends: Jamie Carragher, Daniel Agger, Steven Gerrard, Steve McManaman.