Despite the club's loss in the final, huge crowds are expected to welcome the team home.
Real Madrid won the European title in Paris.
After the Reds won the FA Cup and League Cup, the city will host a parade.
The women won the FA Women's Championship trophy in April.
The parade was attended by about 750,000 people.
The cost of the event will be covered byLiverpool, who were runners-up to Manchester City in the premier league.
The route goes down Allerton Maze, Queens Drive, Mill Bank, West Derby Road, Islington, and Leeds Street before finishing at Blundell Street.
The Heysel Stadium disaster in Belgium, where 39 fans died after a crush in the 1985 European Cup final between the two clubs, will be marked by the club and the city council.
The team will arrive at John Lennon Airport this afternoon.
The men and women's sides have done us proud, and we will give both teams the celebration they deserve.
The impact of the coronaviruses has caused the city's hotel industry to prepare for their busiest weekend of the year.
Spectators were advised to keep bags fastened, phones hidden and to drink with care. Fans were asked to not bring fireworks or flares.
Residents were urged to watch the parade at locations near their home or purchase tickets in advance.