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The Premier League giants are meeting for the first time in the competition since Arsenal won a fifth-round tie 2-1 in 2014.
The Gunners have come out on top in their past three FA Cup clashes, with Liverpool’s most recent victory in the final of 2001.
The other standout tie of the draw sees EFL Championship side Sunderland paired with neighbour Newcastle United, which will travel to The Stadium of Light over the first weekend in January.
It will be a first meeting between the North East giants since they were both in the Premier League in 2015-2016, while they have not played each other in the FA Cup since 1956.
There were several other all Premier League ties, with Tottenham Hotspur hosting Burnley, Everton travelling to Crystal Palace and Brentford facing Wolverhampton Wanderers.
Reigning champion Manchester City was handed a home tie against EFL Championship struggler Huddersfield Town while Manchester United will make the short trip to former champion Wigan Athletic.
Maidstone would no doubt have hoped for a plum tie after its second-round win over Barrow but was handed a home date with Stevenage Borough or Port Vale.
Non-league Ramsgate will host Ipswich Town if it can get past AFC Wimbledon while a trip to The Hawthorns to face West Bromwich Albion awaits the winners of Aldershot and Stockport County.