Last Saturday, Nuno Espirito Santo's team fought back from two goals down to win 3-2 at in-form Southampton and close the gap to the Champions League spots.
The Reds narrowly beat Wolves 1-0 at Anfield in December, when Sadio Mane's first-half strike proved to be decisive.
So, what can we expect from Wanderers on their own patch? We caught up with Wolves Blog writer and Molineux season ticket holder Ben Rasmin (@benrasmin) to get some answers...
How would you rate Wolves' season so far and what are your expectations for the rest of it?
Excellent. At the start of the season, a lot of fans and pundits were unsure how our small squad would cope with the added demands of the Europa League. But the competition has been a help rather than a hindrance, taking the team above and beyond the high standards they set for themselves last season. I think qualifying for the Champions League might be a step too far for us, but there's no reason why we can't hold onto our current position and finish inside the top six.
Wolves have already played 39 games this campaign - more than a full Premier League season - so are there any signs of fatigue creeping in?
We have looked a bit leggy during our January fixtures, up until the astonishing second-half performance against Southampton. But, with Willy Boly well on the road to recovery and new signings incoming, I don't think it's anything to be too concerned by.
After three Premier League games without a win, how important was the comeback victory against Southampton?
Very. The defeat at Watford was disappointing, the draw with Newcastle United even more so. With three tough games on the horizon, it was important we got something at Southampton. At half-time that looked nigh-on impossible, but the second half was astonishing and further proof that this team just doesn't know when it's beaten.
Wolves lost 1-0 at Anfield in December, will Nuno do anything differently tactically at home?
I'm biased, but Wolves should have got something at Anfield. We really took the game to you and were good value for a point. I think we'll take a similar approach at home, while obviously remaining mindful of your clear attacking threat.
Who has been Wolves' star player this season?
It's hard to single out one player as they've all been excellent. Adama Traore is definitely worth a mention, he's probably the most improved player in European football and Nuno has transformed him into one of the division's most exciting players. Joao Moutinho continues to enjoy his Indian summer at Molineux, oozing class and laying on assists for fun. But for me, Raul Jimenez leads the way. He's been involved in more goals than any other Premier League player this season and is so crucial to how we play.
Which key player battle are you most looking forward to seeing on Thursday?
I'm looking forward to seeing our wingers go up against your full-backs. Andy Robertson and Trent Alexander-Arnold are both world-class players, but they'll have to be at their very best to keep Traore and Pedro Neto quiet. With Jonny and Matt Doherty overlapping, that could be an area where we cause you trouble. The midfield battle will also be crucial, as ever.
How do you expect Wolves to line up?
Finally, what is your score prediction?
I'm really looking forward to this game. The atmosphere at Molineux is always great under the lights and the away end will be in good voice, given you have plenty to sing about at present! I really think we should have got something in the reverse fixture, so I'll back us to go one better this time around and get a result. 1-1.