The two north-west rivals will go head-to-head in Miami after both did enough to top their respective groups in the prestigious pre-season tournament in the US
Liverpool's qualification for the match in Miami was confirmed after Manchester City's defeat on penalties to Olympiakos while the Red Devils' 3-1 win over Real Madrid proved enough for them to also go through.
The match will mark a first chance for Louis van Gaal to secure a victory over his new team's oldest rivals while also picking up some silverware following an impressive first month in charge.
Van Gaal has led the Old Trafford outfit to wins over Madrid and Roma while victory on penalties over Inter proved to be the defining result of their group campaign.
Brendan Rodgers' side, meanwhile, were victorious against Olympiakos in their opening match before beating Manchester City on penalties. The Reds complete their opening fixtures against AC Milan early on Sunday.
The final will kick-off at 02:00 CET on Tuesday August 5 and you can follow LIVE minute-by-minute commentary of the action from Miami.