The two rivals from across Stanley Park come face-to-face for the second time in less than a month having played out a 1-1 draw in December.
Both teams have struggled for consistency since then, and no doubt Toffees boss Sam Allardyce will have a gameplan to stop Jurgen Klopp's free-flowing attacking style in its tracks.
Mohamed Salah and Philippe Coutinho both missed the win over Burnley with injuries, and it remains to be seen as to whether either is fit to start at Anfield.
Both are seen as doubts heading into the derby with thigh and groin injuries respectively in what would be a major blow for Jurgen Klopp.
Jordan Henderson (hamstring), Nathaniel Clyne (back) and Alberto Moreno (ankle) are all definitely ruled out while Daniel Sturridge remains a doubt with a knock.
Neither side have any suspension concerns for this fixture.
LIVERPOOL POTENTIAL STARTING LINE-UP
Having been left on the bench against Burnley, Roberto Firmino should return to the starting XI to lead the line.
He is likely to be flanked by Sadio Mane and Alex Oxlade-Chamberlain should both Salah and Coutinho fail to shake off their respective injury problems.
Virgil van Dijk is eligible to make his debut but it remains to be seen whether he will be thrown into such a big match to make his Reds bow.
Adam Lallana earned his first start of the season against Burnley and is likely to return, with James Milner set to be recalled.
In goal, Klopp has confirmed that Loris Karius will start.
EVERTON TEAM NEWS
Ross Barkley is closing in on a return from a hamstring injury for the Toffees but long-term absentees Leighton Baines, Ramiro Funes Mori and Seamus Coleman remain on the sidelines.
Idrissa Gueye is a doubt having missed Monday's defeat to Manchester United, but Sam Allardyce is gradually getting the bulk of his first-team squad back together.
TV COVERAGE & KICK-OFF TIME
Kick off is at 19:55 GMT (14:55 ET), with the match televised on BBC One in the UK.
In the United States (US), the game can be watched live and on-demand with fuboTV (7-day free trial).
BEST OPTA MATCH FACTS
Liverpool are on their joint-longest unbeaten run against Everton in all competitions, 15 games, (set between March 1972 and April 1978).
This will be the 24th meeting between these two Merseyside rivals in the FA Cup, Liverpool winning 10 and drawing six (L7) – however, they haven’t met in the third round since 1931/32.
Liverpool haven’t failed to progress beyond the third round since January 2011, losing 0-1 to Manchester United at Old Trafford.