Chelsea are looking to win the domestic double after coming close to retain their league title while Liverpool aim to snatch their last chance of silverware this season.
Liverpool manager Rafael Benitez conceded the tie is difficult but remains hopeful of his side's chances to progress to the final.
"It will be a difficult game for both teams. We know each other so well and when you play a Cup tie you know it will always be a difficult tie. We shall see what happens," Benitez was quoted as saying by Liverpool's official website.
"They are a very good side but so are we. We have a lot of confidence and we know it's a game we can win. If you want to win trophies you know you must beat the best teams," he added.
In the other semi final clash, the winners of Middlesbrough and Charlton replay will take on West Ham United, who qualified at the expense of Manchester City.
The matches will be played on the 22nd and 23rd of April.