Jürgen Klopp's European champions beat CONCACAF title winners Monterrey 2-1 in Wednesday's semi-final in host nation Qatar, while South American counterparts Flamengo overcame Asian champions Al Hilal 3-1 on Tuesday.
The two clubs have met in the final of the competition before - in one of its previous guises as the Intercontinental Cup - back in 1981, when Bob Paisley's Reds lost 3-0 to a Flamengo team featuring Brazilian legend Zico.
But what can we expect this time around? We caught up with Tim Vickery (@Tim_Vickery), South American football correspondent for the BBC and ESPN, to find out...
How did Flamengo qualify for this tournament?
They won the Copa Libertadores, South America's Champions League, with a 2-1 win over River Plate of Argentina. They were a goal down going into the 89th minute, but pulled it out of the fire in an insane three minutes.
How is the Club World Cup viewed in Brazil?
The Club World Cup is the highlight of the club calendar. It's huge over here. The clubs go into the year with the dream of rounding things off with a crack at the holders of the Champions League - which explains why the vast majority of Flamengo fans wanted Liverpool to beat Monterrey in the semi-final. They've been dreaming of this type of game for years.