Wolves have lost just one of their last seven Premier League games, while the reigning champions have only won one of their last seven.
Ahead of the game, VAVEL take a look back at three memorable Wolves wins over the Reds in years gone by.
Wolves 1-0 Liverpool, 19 December 1973
Wolves knocked out reigning First Division champions on their way to League Cup glory at Molineux in 1973.
A Reds side, managed by Bill Shankly and featuring Kevin Keegan, Steve Heighway and future Wolves captain Emlyn Hughes, arrived in Wolverhampton as the favourites to progress to the semi-finals.
The sides went in level at the break after an even first-half, but it didn't take Bill McGarry's side long to break the deadlock after the interval when John Richards fired past Ray Clemence in the 46th minute.
Wanderers held out their star-studded visitors to advance to the League Cup semi-finals. Two more goals from Richards against Norwich City gave McGarry's side a 2-1 aggregate win in the last four, before a late winner from 'King John' in the final against Manchester City won the trophy for the first time in Wanderers history.
Wolves 4-1 Liverpool, 25 November 1980
Liverpool suffered their heaviest defeat in four years as they lost to John Barnwell's struggling Wolves side.
Wanderers surprisingly took the lead on 14 minutes, as forward Mel Eves found the back of the net, but the Reds levelled just before the interval through Phil Neal, who latched onto Graeme Souness' pass.
Barnwell's side went in level at the break, but put the game beyond their visitors in the second half. John Richards pounced on a long ball to regain Wolves' lead just after the hour mark, before late goals from Normal Bell and Emlyn Hughes added some gloss to the scoreline.
While both sides had underwhelming league seasons, with Liverpool finishing 5th and Wolves 18th, Bob Paisley's side won the European Cup for the third time in May.
Wolves 2-1 Liverpool, 7 January 2019
Newly-promoted Wolves dumped Premier League leaders Liverpool out of the FA Cup as they beat them 2-1 in 2019.
Against a heavily rotated Liverpool team, Nuno Espirito Santo's side took the lead when James Milner gave the ball away, allowing Raul Jimenez to run into the box unchallenged and finish past Simon Mignolet.
Divock Origi equalised for the Reds in the second half with a brilliant finish past John Ruddy, but they were only on level terms for four minutes, as Ruben Neves fired home a rocket from the best part of 30 yards.
Wolves would go on to reach the semi-finals of the competition in 2018-19, before they were devastatingly defeated in extra time by Watford at Wembley.