The Reds already have one trophy in the bag thanks to their victory at Wembley over Cardiff in the final of the Carling Cup, while this season may yet prove to be the greatest in Chelsea's history should they overcome Bayern Munich in the final of the Champions League later this month.
The FA Cup provides not only another chance to win silverware, but also an opportunity to salvage some pride given the respective lack of success in the Premier League.
Sportingbet make Chelsea favourites to triumph in the final and offer the Londoners at 13/10 (2.30) to win in 90 minutes. Meanwhile, Liverpool are priced at 41/20 (3.05) to claim victory while the draw is available at 9/4 (3.25).
The odds get considerably shorter when backing a team to lift the trophy with Roberto Di Matteo's men offered at 6/10 (1.60) and Kenny Dalglish's side 6/5 (2.20).
Cup finals are usually fairly tricky to predict for punters with often, people back a side just because they have a 'feeling' that it could be their day.
Such analysis, however, should be avoided when trying to make a profit and you should stick to the facts, which is why backing both teams to score at 3/4 (1.75) looks like being the only bet worth taking.
The Merseysiders have been in rampant scoring form in the FA Cup this season notching 17 goals in the five matches they have played.
While in the Premier League they have lacked a cutting edge up front at times, in the FA Cup they have had no such problems. Against Chelsea too, Liverpool boast an excellent recent record having won their last four encounters. They should definitely be worth at least one goal.
The Blues have also run riot in the cup this season with 18 goals in their five games. The confidence flowing through the side thanks to their remarkable Champions League run, coupled with the goal scoring form of Didier Drogba and Fernando Torres means a Liverpool side that has kept only one clean sheet in their last 10 games, will struggle to contain them.
Goals at both ends looks an excellent bet at a price which could be considered fairly generous.
For a value bet with slightly higher odds back Liverpool to score over 1.5 goals at 39/20 (2.95) a bet which has paid out in three of the last four meetings between these two sides.
|Both teams to score 3/4 (1.750 wth Sporting Bet
Liverpool over 1.5 goals 39/20 (2.95) with Sporting Bet
Sign up with Sporting Bet for a free £50 bet and back Phil's tips for this game
Phil Kitromilides is a sports broadcaster working on radio and TV in London and Madrid, you can also follow Phil on Twitter