Both clubs endured a trophyless campaign last term but have high hopes ahead of the new season. Who has more to look forward to?
Chelsea: Roman Abramovich's financial muscle, offset by the big-money sale of David Luiz this summer, has allowed manager Jose Mourinho to spend big ahead of the new campaign, bringing in Diego Costa, Cesc Fabregas and potentially more players.
That gives the Blues plenty to look forward to, as a former Arsenal hero looks to become a Stamford Bridge legend and a striker who scored 27 goals in La Liga last season looks to make his mark in West London. The buzz surrounding Chelsea's new signings is thus understandably high, although Mourinho will have to be at the top of his game to keep so many squad members happy.
Liverpool: The Reds, meanwhile, are in unfamiliar territory this term. Not only have Liverpool sold star man Luis Suarez for £75 million, they have also brought in a number of new recruits and look as though they will continue spending.
Regardless of the departure of Suarez, Adam Lallana, Rickie Lambert, Emre Can and the likely arrivals of Lazar Markovic and Divock Origi will add some much-needed squad depth to Brendan Rodgers's side. As with Chelsea, Liverpool will need their new recruits to gel quickly, although watching them in action will no doubt be a source of great excitement for fans.
Chelsea: Mourinho's men arguably have more to look forward to than anyone in the Premier League next season. With their already huge squad being boosted by top-class signings, the Blues have been tipped by many to be favourites for next year's title.
In truth, with the 'Special One' in charge, there is absolutely no reason they cannot run away with the title, regardless of the strength of their opposition. It will be a thrilling league campaign either way.
Liverpool: There is more uncertainty where the Reds are concerned, with many fans expressing concern over the departure of Suarez, coupled with the extra demands Champions League football will place on the club. Rodgers, however, has been instilling confidence in his side all summer.
The Liverpool boss has spoken of nothing other than winning the league, while Daniel Sturridge and Jose Enrique seemed to have picked up a thing or two from their manager, hinting that they think their side will have an 'amazing season.'
Chelsea: The Blues' run to the European semi-final last term signalled their intentions to remain within football's elite. Chelsea won the tournament in 2012, before clinching the Europa League the following season. Last season's campaign, then, means they have reached the last four in European competition for three seasons running. Stamford Bridge will expect no less this time around.
Liverpool: At Anfield, however, just being back in the Champions League this term will mark a change from recent years - and the buzz of a European night on the Kop will likely inspire the Reds even if they get knocked out at the group stage.
Not that Liverpool fans would be happy with anything less than a promising European campaign, of course. Having been drawn in pot 3, Rodgers's side will likely be paired with two big European sides in their group. History tells us, though, that they won't be afraid.
Chelsea: Finally, in terms of domestic silverware, Chelsea fans may have a lot to look forward to in the FA Cup and the Capital One Cup. No one likes a trophyless season less than Mourinho, who will be determined to ensure that at least one cup is won as early as he can.
That may mean putting out a stronger side in the League Cup, while the Blues were knocked out of the FA Cup by Premier League champions Manchester City last time around - hardly a disgrace.
Liverpool: It will be a similar situation for Rodgers's side, with the Northern Irishman yet to win a trophy at Anfield. His first will be special and it may come next term.
However, with Liverpool's Premier League and Champions League ambitions in mind, the cups may not be their hugest priority as of yet, while their squad still needs strengthening for a real challenge on all four fronts.