The hosts come into this contest on a 13-game unbeaten streak across all competitions, including 12 wins since beginning the campaign with back-to-back defeats.
Liverpool, meanwhile, are yet to taste defeat in the Premier League this season and would move top of the table if they continue that run this afternoon.
Make sure you don't miss a moment of the action courtesy of our minute-by-minute updates below.
OFFICIAL LINE-UPS
ARSENAL: Leno; Bellerin, Mustafi, Holding, Kolasinac; Torreira, Xhaka; Mkhitaryan, Ozil, Aubameyang; Lacazette
LIVERPOOL: Alisson; Alexander-Arnold, Gomez, Van Dijk, Robertson; Fabinho, Milner, Wijnaldum; Salah, Firmino, Mane
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Arsenal host Sporting Lisbon in midweek in the Europa League before looking to extend their unbeaten run in the Premier League next weekend against Wolves. Liverpool travel to Belgrade to face Red Star on Tuesday, before hosting Fulham at Anfield.
An energetic game at the Emirates Stadium finishes level after Lacazette's superbly taken strike sees Arsenal win another point from a losing position, cancelling out Milner's opener. On reflection, a draw is a fair result and both sides will be happy with their performances.
90+6 min FULL-TIME: ARSENAL 1-1 LIVERPOOL
90+4 min LIVERPOOL SUB: Defensive change for Klopp here as Joel Matip replaces Salah.
90+3 min Salah races on to a ball down the right and looks up to see Mane busting a gut to get up on support. Salah tries to lay the ball into his path, but Holding makes a crucial interception.
90+2 min The Arsenal fans want a second yellow for Fabinho for a trip on Ozil, although it looked accidental and the referee is lenient.
90 min There will be five minutes of added time at the end of this match.
88 min Arsenal are putting the pressure on late on here! Ozil cuts the ball back for Bellerin in all sorts of space on the edge of the box, but it is on his weaker foot and his finish is never convincing.
86 min Less than five minutes remaining in this match now and it is still all to play for. Neither side will feel safe at the moment - can either find a winner?
84 min The resulting corner works its way back to Salah, who curls an effort high and wide from the edge of the box.
83 min Liverpool almost respond immediately as Mane fires an effort just wide after good work from Shaqiri.
82 min Arsenal level things up with just eight minutes remain! Iwobi threads a pass through for Lacazette, who manages to keep the ball away from Alisson. It looks as though the chance might have gone, but Lacazette then turns and curls a brilliant finish into the far corner with Alisson still out of position!
82 min ARSENAL 1-1 LIVERPOOL (ALEXANDRE LACAZETTE)
81 min ARSENAL SUB: Arsenal also make a change - their last one - as Danny Welbeck replaces Kolasinac.
80 min LIVERPOOL SUB: Liverpool make a change here as Xherdan Shaqiri replaces Firmino.
78 min Arsenal's pressure is beginning to grow now as we edge towards the final 10 minutes. Liverpool are struggling to get out right now.
76 min Good play from Iwobi as he darts to the byline past Alexander-Arnold before firing a cross into the box which is just too far in front of Ozil.
74 min Big chance for Liverpool top double their lead as Van Dijk is left completely unmarked from a corner. The big defender gets his head to the ball, but Leno reacts well to tip it over.
73 min ARSENAL SUB: Aaron Ramsey comes on to replace Aubameyang.
72 min Less than 20 minutes remaining in this match now, and time is beginning to run out for the home side. They need to step things up again here.
70 min Milner's corner is too high for Van Dijk, but Firmino is behind him and directs a head narrowly wide of the target.
69 min Salah is released down the left flank and bides his time to wait for Mane racing in. Salah slides the ball across goal, but Mane is just short of reaching it and turning it into the empty net.
68 min ARSENAL SUB: Change from the hosts as Alex Iwobi replaces Mkhitaryan.
67 min Milner is still receiving treatment after bloodying his nose in that collision.
65 min Milner goes clattering into the back of Gomez, clashing heads with his teammate and coming out worse off. He will need treatment for that and may be taken off if there are concerns about concussion.
63 min Almost an immediate response from Arsenal as it all suddenly opens up for Torreira, who drives forward. His shot is central, though, and Alisson is able to tip it over the top.
61 min Liverpool break the deadlock just past the hour mark, and it is Milner who brings up 50 in the Premier League!
Mane's cross from the left is spilled by Leno and the ball is flicked out by Holding, but only as far as Milner. The captain follows up and smashes the rebound home, giving Liverpool first blood at the Emirates!
61 min ARSENAL 0-1 LIVERPOOL (JAMES MILNER)
59 min Mane wants a foul after being blocked off by a defender, but the referee says no. The Liverpool front three are struggling to get into this game.
57 min Salah knocks the ball back to Milner, who in turn lifts a pass into the box for Firmino. The Brazilian never really has it under control, and Arsenal are eventually able to shepherd the ball back to Leno.
55 min There is a cracking atmosphere at the Emirates Stadium tonight. It has often been criticised for its lack of noise, but the fans are up for this one in a big way.
53 min The hosts are knocking on the door again at the moment! They keep the visitors under prolonged pressure inside the area, but it never quite falls for them to get a shot away.
52 min Fabinho picks up the first card of the match for a robust challenge on Torreira.
51 min Brilliant defending from Van Dijk as he levers Mkhitaryan off the ball inside the area when the winger was looking very dangerous.
50 min Better from Liverpool here as Salah cuts inside from the right channel but then doesn't quite catch his shot as it is blocked.
48 min He has his critics, but Xhaka had a big impact on that first half...
46 min Arsenal get us back underway for the second half at the Emirates Stadium.
Somehow we are still goalless at the Emirates Stadium, then, but it has been a really absorbing, topsy-turvy contest so far.
Both teams have had the ball in the back of the net, but the offside flag was raised on both occasions.
45 min ARSENAL 0-0 LIVERPOOL
45 min Liverpool are so close to breaking the deadlock right on the stroke of half time! Van Dijk flicks a header towards goal as Leno comes charging off his line and gets nowhere near it. The ball bounces towards goal but hits the post before Arsenal are able to knock it behind.
43 min Pressure from Liverpool now as they respond to that good Arsenal spell. The visitors are ending this half on top!
41 min DISALLOWED GOAL! Arsenal have the ball in the back of the net, but once again the offside flag is raised! It was Mustafi who had strayed before heading a free kick back across goal for Aubameyang to tuck home from close range.
40 min CHANCE! Liverpool give the ball away again here as a cross arrives from the left flank, and Aubameyang gets up highest in the box but cannot keep his header down.
39 min CHANCE! Arsenal are so close to the opener as Ozil flicks the ball into the path of Lacazette, who drills a low strike wide of the far post.
37 min Liverpool are struggling to keep hold of the ball at the moment, which is resulting in plenty of pressure being put on them as the ball just keeps coming back at their defence.
35 min Klopp has had a few choice words for Fabinho at times of this first half, noticeably after a couple of overhit passes. He does not seem to be happy with the Brazilian's performance.
33 min Alert goalkeeping from Alisson as he races out of his area to mop up a through-ball from Lacazette which was meant for Aubameyang.
32 min SHOT! Arsenal work the resulting corner into the box and it drops at the feet of Lacazette, who sees his shot well blocked by Firmino.
31 min SHOT! Lovely football from the hosts as Mkhitaryan flicks the ball into the path of Aubameyang, whose shot from just outside the area hits Van Dijk on its way behind for a corner.
29 min There has been a really good ebb and flow to this game in the opening half an hour. Both teams are almost taking turns for spells in the ascendency, and right now it is Arsenal enjoying theirs.
27 min Arsenal come pouring forward again as Kolasinac gets down the left before firing a cross into the box which Alisson palms out into a dangers area. Mkhitaryan cannot react in time to turn the rebound back towards goal, though.
25 min SHOT! This is end-to-end stuff at the moment! Bellerin is the latest to go for goal with a first-time effort which swings wide.
24 min It is Liverpool who are looking most likely now! Salah cuts inside and sees his shot deflect into the path of Robertson, whose drilled low effort is straight at Leno.
23 min Another big chance for Liverpool! Salah pings a lovely pass over the top for Van Dijk, who finds himself as the furthest man forward having stayed up from the corner. Van Dijk takes the ball down on his chest and volleys an effort towards goal, but Leno makes a big save and Mustafi hacks away the loose ball.
22 min Really important piece of defending from Xhaka as he slides in on Salah to end what was shaping up to be a very dangerous attack.
20 min It did look as though Mane was offside on first viewing, but the officials have got that one wrong. Liverpool should be ahead here!
18 min Liverpool have the ball in the back of the net, but it is quickly ruled out for offside! Firmino initially latched on to a chipped pass over the defence before lifting his finish past the keeper. His effort comes back off the post and Mane tucks it into an empty net from close range, but the flag is up. The replay shows that it should have stood!
16 min Arsenal are really knocking on the door now! Mkhitaryan is allowed to ghost into the area completely unmarked and he gets to the ball just ahead of Alisson, who comes for it and misses. The Emirates holds its breath as the ball drops towards goal before going just wide of the empty net.
15 min The resulting corner is played short and low into the area before being pass back to Xhaka in a set move. The midfielder should really do better, but he doesn't get enough power behind it and Alisson makes the save.
14 min This time it is Liverpool who give the ball away and Arsenal pounce on it, with Torreira winning the ball. Bellerin slides a lovely pass through which Ozil leaves for Aubameyang, Gomez gets across to deflect the shot wide.
13 min Mustafi is limping here, which is exactly what Arsenal don't need given their long list of defensive problems already. It looks as though he will be fine to continue, though.
11 min Arsenal made a good, bright start to this match going forward, but Liverpool have started growing into it now and are enjoying plenty of the ball at the moment.
9 min Almost a chance for Liverpool as Torreira gives the ball away and the visitors immediately pounce. It is worked out to Salah, who plays it back inside for Wijnaldum, but Kolasinac does enough to get back and get a crucial touch on the ball as Wijnaldum is letting fly.
7 min Arsenal are definitely targeting that left channel, where Aubameyang is up against Alexander-Arnold. It could be a tough test for the Liverpool youngster today!
5 min Liverpool make their first foray forward as Robertson swings a cross into the box, but Holding has followed Firmino all the way and nods it behind for a corner.
4 min This has been a really good start from Arsenal, who get forward down the left again here. Kolasinac bursts forward and plays a low ball into the box which Lacazette flicks towards goal, but Alisson makes a really good stop.
3 min Arsenal make a threatening early break down the left flank as Aubameyang latches on to an Ozil through-ball, but the offside flag is raised.
1 min Here we go, then! Liverpool get us underway at the Emirates!
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