With three games to go in the division, Neil Critchley's fourth-placed side are just three points behind leaders Leicester City.
Arsenal are in second and a point behind the Foxes, so there is a lot to play for at Prenton Park.
Read on for more details ahead of the Premier League 2 encounter...
Where is the game being played? The match is at Prenton Park, home of Tranmere Rovers FC, with kick-off set for 7pm BST.
How can I watch the game? We are showing this game live on LFCTV and LFCTV GO, with our coverage starting at 6.30pm. Click here to sign up now.
If you want to attend the game, admission on the gate on the night is just £3 for adults and £1 for children and concessions.
Members and Season Ticket holders can gain admission free of charge, simply by bringing their cards to the ground.
View from the manager, Neil Critchley
"We've not played at Tranmere for a while and the original game against Arsenal was called off back in January, which seems a long time ago now. We always look forward to games against Arsenal, you know what type of game you are going to get - it'll be a tough but exciting one. We are both up there challenging in the league and it's a game we are looking forward to.
"What is important is that we start well. We have suffered from our poor starts in games recently and conceded goals in the first few minutes of the game. The game-plan and everything we have been speaking about before the match goes out of the window, and it has affected us a little bit. I have to say the attitude and the effort of the boys has been first class but it would be helpful if we could start the game better on Friday night.
"We have three games to go in Premier League 2 and very exciting fixtures against Arsenal, Everton and Chelsea. We have still got something to play for and we are still in there fighting for the title. Three points on Friday night would put us right back in the mix at the top so we are looking forward to it."