One side has enjoyed more success in the Premier League era, but the other has boasted some of the finest players the division has ever seen.
Ahead of Liverpool's visit of Arsenal on Monday night, trawling through the last 28 years of top-flight history to fondly reminisce about the two clubs' finest players brought with it a topic of discussion: who would make an all-time combined XI of the two sides from that era?
Do any of the current crop make the cut? Given the Reds' dominance in the league at this moment in time, you won't be surprised to hear they do.
So without further ado, here is the best lineup of players from Liverpool and Arsenal to grace the Premier League.
1. Goalkeeper & Defenders
David Seaman (GK) - Not only was Seaman the proud owner of the greatest ponytail in Premier League history, he also happened to be an outstanding goalkeeper. No side of his game was at fault and he was fundamental in the Gunners' title-winning campaigns either side of the century.
Trent Alexander-Arnold (RB) - For someone so young to be held in such high regard is testament to TAA's ridiculous ability. Lauren will feel hard done by, but the Scouse full-back has a ceiling that can't be measured.
Virgil van Dijk (CB) - Was the key component in Liverpool lifting their only Premier League title. Completely changed the complexion of their defence and freed up the rest of the squad to attack without hesitation. Best in the business.
Sol Campbell (CB) - Made one of the most controversial transfers in English history, but justified it. Was an immovable object in front of the back four and part of the Arsenal backbone that won the league undefeated.
Ashley Cole (LB) - In his peak, Cole was the best left-back in the world. Even when he wasn't in the prime of his career, he was still an exceptional defender whose attacking characteristics were as lethal as his defending was resolute.
Mohamed Salah (RM) - Normally granted the chance to play further forward, in this system, Salah will be given the freedom to do just that. Breaking the record for most goals scored in a single season and continuing to maintain that level means he earns a place in this side.
Steven Gerrard (CM) - Widely regarded as Liverpool's greatest ever player, he was part of some superb sides while equally carrying some less than inspiring ones through the mire. A legend in every sense of the word.
Patrick Vieira (CM) - Who would get the captain's armband? Vieira would certainly stake his claim. The French mountain's belligerent brilliance saw him lift three Premier League titles and three FA Cups during a nine-year spell in north London.
Robert Pires (LM) - Joining the Gunners at the beginning of the century, Pires hit double figures for goals in each of his six seasons with the club, including 14 in the league during Arsenal's 'Invincibles' campaign.
Dennis Bergkamp (SS) - Some players make football look easy. It's them who make the game a joy to watch. If you were compiling a list of such stars, then Bergkamp makes it on. Every. Single. Time.
Thierry Henry (ST) - The greatest ever to play in the division, no player has graced English football who falls under the tag of 'unplayable' in the same vein as Henry. Scored no less than 174 Premier League goals and has won the Golden Boot on four occasions, more than any other player.