A general view of the Carabao Cup trophy. Picture: Catherine Ivill/Getty Images
The Reds defeated the Gunners 2-0 on aggregate in their semi-final, with Diogo notching a double in the second leg at the Emirates Stadium.
Here's all the information ahead of the game.
When is the final?
The final takes place on Sunday 27 February.
Where is the final?
The game will be played at Wembley.
What time is kick-off?
The match kicks off at 16.30 GMT.
Will it be on TV?
Yes. Sky Sports will broadcast the final live on TV.
Will the final be streamed?
Yes. Sky Sports subscribers will be able to watch via Sky Go.
Anyone who doesn't subscribe to Sky Sports can purchase a Now TV pass for £9.98.
How can I buy tickets?
Liverpool have announced initial ticket details on their club website. You can click here to find out the full information.
The first batch of tickets for priority rights holders go on sale at 8.15am on Monday January 31 until 7.30am on Wednesday February 2. Click here for full details of pricing and if you’re eligible to purchase one.
Chelsea fans can purchase tickets from Thursday 27 January between 10.00 until 17.00.
Is there anything else up for grabs other than silverware?
The winner of the final will qualify for next season's Europa Conference League.
Should both sides finish in the Champions League or Europa League places in the Premier League, it will go to the next highest-placed team who do not qualify for a European tournament.