Stamford Bridge plays host to the highly-anticipated fixture between the two Premier League sides.
The London outfit lost to Manchester United at this stage last year, with Jurgen Klopp’s men falling to Wolves in round three.
It’s the furthest Liverpool have reached in the tournament under their current manager, while it’s the fifth consecutive season Chelsea have reached this round of the competition.
The Blues have also won six of their ten FA Cup meetings with the Reds, and will be hoping for further success on Tuesday evening.
It’s currently 5/4 for a Chelsea win, and 2/1 for the visitors to come out on top.
A draw can be backed 10/3, but neither manager will want to add a replay to their current fixture list.
Goals from Trent Alexander-Arnold and Roberto Firmino helped Liverpool to a 2-1 victory in September’s league meeting at Stamford Bridge, with N’Golo Kante netting for the home side.
It’s currently 10/1 for a repeat of that scoreline on Tuesday.
England striker Tammy Abraham has been Lampard’s most trusted goal scorer this season, and he will be keen to add to his tally against Klopp’s side. But the 22-year-old looks set to miss out with injury, perhaps giving Olivier Giroud or Michy Batshuayi the chance to shine up top.
Giroud is 11/2 to score first on the night, with Batshuayi currently 7/2. Pedro and Mason Mount can be backed at 9/1 and 10/1 respectively.
But the away side will not be short of fire power of their own. Klopp could choose to go with a strong starting lineup after the defeat at Watford.
And the likes of Mohamed Salah, Sadio Mane and Roberto Firmino will undoubtedly be eager to find the net against Lampard’s men.
Salah and Mane are currently 6/1 and 7/1 to score the first goal of the game, with the Brazilian available at 9/1.
It’s 7/10 for both teams to score. Chelsea to win and both teams to find the net is currently 3/1, with both teams to score in a Liverpool victory available at 9/2.
The home side are 8/1 to win from behind, and 3/1 to win to nil. It’s currently 10/1 and 5/1 respectively for the away side to do the same.
It’s the first meeting between the two clubs in the competition since 2012. And that was in the final, where the Blues won 2-1. Ramires and Didier Drogba got the all-important goals for Chelsea that day, with Andy Carroll netting for the Reds.
Frank Lampard played in that encounter, and he will be looking for a similar result this time around.