The Anfield side are ninth in the English top flight - 11 points off the summit - and were held to a 3-3 draw by Brighton at home on Saturday.
Rangers, who sit second in the Scottish Premiership, have been beaten heavily in both Group A matches so far but manager Giovanni van Bronckhorst says there are "things to exploit" in Jurgen Klopp's side.
"It's going to be very difficult," he said. "This is a team who have been in three finals in five years and is one of the best in Europe. If you look at the ones we've faced, this is probably the strongest side.
"They didn't have a good result on Saturday but they have quality players and a fantastic coach so we're preparing for the best Liverpool we can face."
Manager Jurgen Klopp said his team have to go "back to the basics" to try to improve their defending, having conceded 14 goals in nine games across all competitions, keeping just two cleans sheets.
Liverpool were humbled by Napoli in their group opener, before beating Ajax at Anfield in their second match. Now they welcome a Rangers side who they have never faced in a competitive match.
"They are a good team, well coached and had an exceptional season in Europe last year," Klopp said of the Europa League finalists. "They have also had results they don't want and they will definitely want to change that.
"Rangers' run in Europe last year was exceptional. We expect a proper fight and that is what we prepare for."
Scotland captain Andy Robertson is likely to be absent for Liverpool again as he continues to recover from the injury that caused him to miss last month's Nations League games.
Ibrahima Konate and Scotland Under-21 defender Calvin Ramsay both trained on Monday, but Naby Keita, Curtis Jones and Alex Oxlade-Chamberlain were not involved in the session.
Tom Lawrence was not expected to be involved for Rangers, but Van Bronckhorst has disclosed that the midfielder will be absent until after the World Cup and may not play again this year after a new injury in training.
James Sands is suspended after his red card against Napoli, but Ben Davies is available despite being replaced at half-time in the weekend win at Hearts.
-- Courtesy of BBC Sport