It will be their first meeting with Atletico since 2010, while their two previous encounters in the Champions League both finished 1-1 in the group stages of the 2008-09 competition.
Here, Sports Mole looks at how Jurgen Klopp's side could line up in Madrid.
Sadio Mane made his return from injury against Norwich on Saturday, coming off the bench to score the winner at Carrow Road. The Senegal international appears certain to return to the XI on Tuesday, joining Roberto Firmino and Mohamed Salah in the final third of the field.
Liverpool's squad is in good shape at the moment when considering that Xherdan Shaqiri and Nathaniel Clyne are their only confirmed absentees for this match, with James Milner also returning from a hamstring issue against the Canaries in Saturday's late kickoff.
The midfield spot alongside Fabinho and Henderson is perhaps the biggest talking point when it comes to team selection, although Wijnaldum is the favourite to edge out the likes of Naby Keita and Alex Oxlade-Chamberlain.