Liverpool are back in competitive action just a matter of weeks on from the glorious end to the 2019/20 campaign which saw Reds captain Jordan Henderson lift the coveted Premier League title above his head, with it ending 30 years of hurt.
Saturday's match against Arsenal will be Jurgen Klopp's sides second successive appearance in the annual fixture after the champions to be lost out on penalties in 2019 to Manchester City.
Klopp and his squad side have readied themselves for the contest with a pre-season training camp in Saalfenden, Austria. With the picturesque French alps as a backdrop, the camp included friendlies against VfB Stuttgart and RB Salzburg.
Both Liverpool and Arsenal boast impressive Community Shield records, with both clubs having won the charity curtain-raiser on 15 occasions, two behind record winners Manchester United.
Arsenal have enjoyed somewhat of a resurgence under former player turned manager Mikel Arteta, as the Gunners finished the season on a high after beating Chelsea in the FA Cup final to book their spot in Saturday's Wembley date.
Having added Willian from Chelsea and centre-back William Saliba from Saint-Etienne to their ranks already this summer, and having not lost anybody of real note, Pierre-Emerick Aubameyang in particular, fans of the North London club can be optimistic about the upcoming season and this match.
Liverpool enjoyed mixed results from their only two pre-season fixtures whilst in Austria, running out comfortable 3-0 winners against VfB Stuttgart before having to come from behind to earn a 2-2 draw with RB Salzburg.
Although Rhian Brewster will be satisfied with his work, the 20-year-old striker grabbing three goals across both matches to do his chances of first-team action no harm.
For Arteta's side, they only have one friendly to base their form upon, albeit a positive one as a much-altered side ran out 4-1 winners against League One side MK Dons.
The two met in mid-July as Liverpool were bathing in their glory and Arsenal were finally starting to hit something resembling form.
Despite dominating much of the match and going one goal ahead through Sadio Mane, Arsenal came out on top 2-1 at the Emirates following two uncharacteristic mistakes in the Reds defence.
This last time the clubs met in the Community Shield was back in 2002, Arsenal's Brazilian midfielder Gilberto with the only goal of the match to succumb Gérard Houllier's Liverpool side to a runners-up spot.
The Reds are expected to be without numerous major players as they aim to win their first Community Shield since 2006, Jordan Henderson, Trent Alexander-Arnold, Joel Matip, and Alex Oxlade-Chamberlain are almost certain to miss out.
Whilst Divock Origi, Xherdan Shaqiri, and most worryingly of all Virgil van Dijk are all doubts for the 2020/21 season-opening clash. The Dutchman was picked up a nasty cut to his forehead during an aerial challenge during Tuesday's draw with RB Salzburg.
Neco Williams will continue to deputise for Alexander-Arnold at right-back whilst youngsters Nat Phillips and Billy Koumetio will be on waiting on the fitness of van Dijk.
This match could present another opportunity for plenty of youngsters to further prove they are worthy of a place in Klopp's squad.
Spaniard Arteta has a defensive headache of his own with Shkodran Mustafi (hamstring), Pablo Mari (ankle) and Calum Chambers (knee) all sidelined.
However, Arsenal are boosted by the return to fitness of first-choice goalkeeper Bernd Leno following his recovery from a knee injury.
How to watch
The FA Community Shield will be televised live on BT Sport 1 and BT Sport Ultimate, with coverage starting from 4.00pm and kick-off at 4.30pm.