The Chilean missed his side's opening two Premier League games of the season due to an abdominal injury, while there is ongoing uncertainty surrounding his future.
Alexis continues to be linked to a move to Manchester City and is out of contract at the end of this season.
After scoring in his first game in the league before drawing a blank against Stoke City, new signing Lacazette makes way for Alexis in one of three changes from Arsene Wenger.
Shkodran Mustafi and Sead Kolasinac are also dropped from last week's defeat to Stoke, with Rob Holding and Nacho Monreal replacing them. Alex Iwobi is left out due to injury.
Meanwhile, Liverpool boss Klopp has taken the bold decision to rest Simon Mignolet and recall Loris Karius in goal for Liverpool’s hosting of Arsenal on Sunday afternoon.
It is the German’s first start of the season, with his last competitive run-out coming in the 2-1 League Cup defeat against Wolves on January 28.
The selection makes sense stylistically, given the 24-year-old offers faster, superior distribution than his Belgian counterpart.
The timing, however, is odd given it is the final fixture before the international break, and given the opposition, there will be no shortage of pressure on Karius.
The only other change from Klopp sees Trent Alexander-Arnold, who had a dead leg earlier in the week, moved to the bench with Joe Gomez replacing him at right-back.
Gini Wijnaldum, who celebrated the arrival of a baby boy on Thursday, is in the XI, but Andy Robertson is out of the matchday squad as he welcomed the birth of his first child.
Philippe Coutinho's unavailability continues with a back injury as he pushes for a move to Barcelona, while Adam Lallana (thigh) and Nathaniel Clyne (back) remain sidelined.
Liverpool starting XI: Karius, Gomez, Matip, Lovren, Moreno, Henderson, Can, Wijnaldum, Mane, Salah, Firmino.
Liverpool subs: Ward, Klavan, Alexander-Arnold, Grujic, Milner, Solanke, Sturridge.
Arsenal starting XI: Cech, Bellerin, Koscielny, Holding, Monreal, Xhaka, Ramsey, Ozil, Oxlade-Chamberlain, Welbeck, Sanchez.
Arsenal subs: Ospina, Mustafi, Kolasinac, Coquelin, Walcott, Lacazette, Giroud.