Jurgen Klopp is likely to field a young side, including teenager third-round match-winner Curtis Jones, as the club look to sustain their challenge on three cups.
Liverpool have dropped just two points in the league all season and are currently 16 points ahead of closest challengers Manchester City.
Shrewsbury are currently sitting in 16th in League One, but remain comfortably clear of the relegation zone, and upset Bristol City to advance to this stage.
Here is everything you need to know:
When is it?
The match will kick-off at 5pm at New Meadow on Sunday 26 January.
How to watch it?
The match will be broadcast live on BBC One, with coverage beginning at 4.30pm.
Sam Rickett’s side are likely to field their strongest possible line-up, with a week’s break before their next fixture. Shaun Walley, who impressed against Fleetwood, and Oliver Norburn are likely to be the dangermen.
Sadio Mane has been ruled out with an injury, while Takumi Minamino and Pedro Chirivella are set to start. Divock Origi, Fabinho and Joel Matip could all feature too in an otherwise young starting line-up.
Shrewsbury: O’Leary; Williams, Ebanks-Landell, Pierre; Love, Norburn, Laurent, Golbourne; Whalley, Lang, Edwards
Liverpool: Adrian; Williams, Matip, Van der Berg, Larouci; Fabinho, Jones, Chirivella; Elliott, Origi, Minamino