Each club has won UEFA's flagship competition on five occasions, but only one will make it through to the quarter-finals of this season's Champions League.
Both sides head into the last-16, first-leg clash embroiled in a title charge in their domestic leagues. Bayern Munich are three points behind Bundesliga leaders Borussia Dortmund and Liverpool trail table-topping Manchester City on goal difference, with a game in hand.
Jürgen Klopp's Reds have had a 10-day gap ahead of this match with the manager taking his squad away to Marbella for a training camp.
Meanwhile, Niko Kovac's Bayern were in league action on Friday night, when a Leon Goreztka own goal after just 13 seconds - the fastest in Bundesliga history - saw them have to come from behind to beat Augsburg 3-2 on the road.