Jurgen Klopp has never won the competition during his six-and-a-half year tenure at Anfield.
In fact, the Reds have not made it this far since losing to Manchester City on penalties during Klopp's first season in 2016.
Liverpool face a Chelsea side who last claimed the silverware in 2015.
And it's a repeat of the 2005 final in which the Reds lost 3-2 in extra-time.
Here is all the key information needed ahead of kick-off.
Chelsea team news
Thomas Tuchel's side suffered a double injury blow in their 2-0 Champions League defeat of Lille on Tuesday.
Hakim Ziyech and Mateo Kovacic both were withdrawn in the second half after suffering setbacks.
There was some good news against Lille, though, as Mason Mount was fit enough to make the bench after an ankle issue. The midfielder could be in contention to start.
Ben Chilwell is sidelined for the rest of the season after undergoing knee surgery.
Tuchel also has to decide whether he will start out-of-form Romelu Lukaku.
Liverpool team news
The Reds are sweating on strike do Diogo Jota and Roberto Firmino.
The pair both picked up respective ankle and muscle injuries in last week's 2-0 victory over Inter Milan at the San Siro.
Jota and Firmino have missed Liverpool's past two games.
Apart from that, Klopp's squad is looking very healthy.
He left out Harvey Elliott and Joe Gomez from his match-day squad in Wednesday night's 6-0 thrashing of Leeds United.
Chelsea (3-4-3): Mendy, Christensen, Silva, Rudiger, Azpilicueta, Kante, Mount, Alonso, Werner, Havertz, Pulisic.
Liverpool (4-3-3): Kelleher, Alexander-Arnold, Matip, van Dijk, Robertson, Fabinho, Henderson, Thiago, Salah, Mane, Diaz.
What time does the Carabao Cup final kick-off?
The game kicks off at 16.30 GMT at Wembley.
Is the Carabao Cup final on TV?
Yes. It is being broadcast on Sky Sports Football and Sky Sports Main Event.
Build-up on the former begins at 15.30 and half an hour later on Main Event.
Can I stream the Carabao Cup final?
Yes. Those who subscribe to Sky Sports can watch via Sky Go.
Can I stream the Carabao Cup final if I don't subscribe to Sky Sports?
Yes. You can buy a Now TV daily sport pass for £11.98.
How can I watch highlights of the Carabao Cup final for free?
Quest TV will show extended highlights of the game from 21.00.