The Hoops have been crowned as champions in each of the past seven seasons, but the Gers have a spring in their step under the stewardship of new manager Steven Gerrard.
The stage is set for an explosive encounter in Glasgow's east end and both teams will be confident of claiming a positive result from Sunday's showdown.
Celtic are unbeaten inside 90 minutes in each of their last 14 matches against Rangers and it is no surprise that Brendan Rodgers' men are chalked up as William Hill's 13/20 (1.65) favourites to win this one.
The odds compilers offer 18/5 (4.60) that Gerrard's charges claim a famous victory against their bitter rivals and 16/5 (4.20) that the match ends in stalemate - a selection that would have landed in each of Rangers' last four away league matches.
Odsonne Edouard scored twice in Celtic's 5-0 demolition of Rangers back in April and looks likely to lead the line again, whilst Tom Rogic will look to make it five Old Firms in a row in which he has scored.
Kyle Lafferty scored two goals on his first start since returning to Rangers and has already scored against Celtic this season, notching the only goal of Hearts' 1-0 win against the Hoops.
Tough assignment for Gers
Rangers have failed to find the net in four of their last five fixtures against Celtic and have lost the last two meetings between the teams by a 9-0 aggregate.
This Rangers side certainly pack a punch - as evidenced by six goals in their last two domestic matches - but their apparent defensive deficiencies could prove costly at Celtic Park.
The 11/8 (2.38) quote for the hosts to win a match in which both teams score, then, could represent real value for punters ahead of Sunday's crunch clash.