Emirates Stadium as a 1-1 draw dealt a near fatal blow to their fading Barclays Premier League title hopes.
Just three days after their European tie ended all square, both teams were back to do battle for league points.
Each manager made several changes, no doubt with one eye on next week's second leg of their Champions League quarter-final, but there was still more than enough talent on display to make for an entertaining encounter.
Recalled striker Peter Crouch gave Liverpool the lead at the end of the first half, with Nicklas Bendtner levelling on 53 minutes.
However, with Manchester United, who play at Middlesbrough tomorrow, still five points clear at the top of the table, Gunners boss Arsene Wenger knew only victory would have kept their slim hopes of the title alive.
The trip to Anfield on Tuesday night now takes on extra significance if a season which promised so much is not to end in disappointment.
Liverpool started well and Crouch soon tested Manuel Almunia, letting fly from 25 yards and forcing the Arsenal goalkeeper to make an acrobatic one-handed save to tip the ball over.
Crouch was involved again in the 17th minute, this time slipping an expert pass inside the Arsenal backline.
John Arne Riise ran onto the ball but, with William Gallas sliding in, the Norwegian lifted his 18-yard shot over the crossbar.
It was proving to be something of a chess match, with both teams happy to wait each other out and look for a quick counter-attack.
After 31 minutes, Liverpool broke down the right, with Yossi Benayoun getting in on the overlap.
However, his angled drive flashed across goal.
It should, though, have been 1-0 when, after 35 minutes, the Gunners broke quickly through Mathieu Flamini and Theo Walcott.
The ball fell to Bendtner just inside the area but the Dane's first-time shot was weak and straight at a grateful Reina.
Arsenal were clean in on goal again when Emmanuel Eboue beat the offside trap and got away down the right.
However, his low cutback towards Cesc Fabregas was cleared by the retreating Martin Skrtel.
The home side were made to pay with three minutes left to the break when Crouch put Liverpool ahead.
The England striker headed down a long clearance from keeper Pepe Reina, which Benayoun flicked on.
Crouch collected the ball on his chest and turned inside Arsenal captain William Gallas before drilling his shot into the bottom corner from the edge of the area.
After 51 minutes, a run and deflected shot from Walcott led to a corner for Arsenal.
Fabregas floated the ball over to Kolo Toure on the penalty spot, but the defender sent his free header wide.
Former Gunner Jermaine Pennant was booked on 53 minutes for bundling over Armand Traore as the full-back looked to get away down the left and Arsenal were level from the resulting free-kick.
Again Fabregas was the provider as he sent over a deep cross into the six-yard box where Bendtner timed his run towards the near post perfectly and powered a header into the net.
The relief around Emirates Stadium was clear as the Arsenal faithful suddenly found their voice.
Leading scorer Emanuel Adebayor was sent on, replacing full-back Justin Hoyte, for the final 33 minutes as the Gunners reshuffled.
Flamini tested Reina with a low, angled drive from the right side of the area, which the Liverpool goalkeeper held well.
Traore was replaced by Gael Clichy for the last 18 minutes before Almunia had to claw the ball away from under his own bar following Riise's left-wing cross.
Arsenal continued to press for a winner, but could have been caught out only for substitute Andriy Voronin to fire over from 10 yards.
Fernando Torres was introduced for the final 10 minutes, as was Arsenal's Alexander Hleb.
However, there was no way through for the home side, who had to settle for a point, which you suspect will not be enough to stay in the hunt for the title.
Just three days after their European tie ended all square, both teams were back to do battle for league points.
Each manager made several changes, no doubt with one eye on next week's second leg of their Champions League quarter-final, but there was still more than enough talent on display to make for an entertaining encounter.
Recalled striker Peter Crouch gave Liverpool the lead at the end of the first half, with Nicklas Bendtner levelling on 53 minutes.
However, with Manchester United, who play at Middlesbrough tomorrow, still five points clear at the top of the table, Gunners boss Arsene Wenger knew only victory would have kept their slim hopes of the title alive.
The trip to Anfield on Tuesday night now takes on extra significance if a season which promised so much is not to end in disappointment.
Liverpool started well and Crouch soon tested Manuel Almunia, letting fly from 25 yards and forcing the Arsenal goalkeeper to make an acrobatic one-handed save to tip the ball over.
Crouch was involved again in the 17th minute, this time slipping an expert pass inside the Arsenal backline.
John Arne Riise ran onto the ball but, with William Gallas sliding in, the Norwegian lifted his 18-yard shot over the crossbar.
It was proving to be something of a chess match, with both teams happy to wait each other out and look for a quick counter-attack.
After 31 minutes, Liverpool broke down the right, with Yossi Benayoun getting in on the overlap.
However, his angled drive flashed across goal.
It should, though, have been 1-0 when, after 35 minutes, the Gunners broke quickly through Mathieu Flamini and Theo Walcott.
The ball fell to Bendtner just inside the area but the Dane's first-time shot was weak and straight at a grateful Reina.
Arsenal were clean in on goal again when Emmanuel Eboue beat the offside trap and got away down the right.
However, his low cutback towards Cesc Fabregas was cleared by the retreating Martin Skrtel.
The home side were made to pay with three minutes left to the break when Crouch put Liverpool ahead.
The England striker headed down a long clearance from keeper Pepe Reina, which Benayoun flicked on.
Crouch collected the ball on his chest and turned inside Arsenal captain William Gallas before drilling his shot into the bottom corner from the edge of the area.
After 51 minutes, a run and deflected shot from Walcott led to a corner for Arsenal.
Fabregas floated the ball over to Kolo Toure on the penalty spot, but the defender sent his free header wide.
Former Gunner Jermaine Pennant was booked on 53 minutes for bundling over Armand Traore as the full-back looked to get away down the left and Arsenal were level from the resulting free-kick.
Again Fabregas was the provider as he sent over a deep cross into the six-yard box where Bendtner timed his run towards the near post perfectly and powered a header into the net.
The relief around Emirates Stadium was clear as the Arsenal faithful suddenly found their voice.
Leading scorer Emanuel Adebayor was sent on, replacing full-back Justin Hoyte, for the final 33 minutes as the Gunners reshuffled.
Flamini tested Reina with a low, angled drive from the right side of the area, which the Liverpool goalkeeper held well.
Traore was replaced by Gael Clichy for the last 18 minutes before Almunia had to claw the ball away from under his own bar following Riise's left-wing cross.
Arsenal continued to press for a winner, but could have been caught out only for substitute Andriy Voronin to fire over from 10 yards.
Fernando Torres was introduced for the final 10 minutes, as was Arsenal's Alexander Hleb.
However, there was no way through for the home side, who had to settle for a point, which you suspect will not be enough to stay in the hunt for the title.