The competition, which has replaced the U21 Premier League Cup, follows a Champions League-style format, as 32 teams compete in the main group phase with the top two from each pool advancing to the last 16.
The last 16, quarter-finals, semi-finals and final will all be one-off, knockout ties, with extra-time and penalties required if the teams are level after 90 minutes.
Liverpool’s campaign begins with a trip to Ipswich sometime between Friday September 30 and Sunday October 2. Michael Beale’s side then host Huddersfield and West Brom in November and December, before the competition takes a break until late January.