And, despite admitting the League Cup ties are far from over for the losing sides, Merson feels Liverpool and Everton will progress to the final.
When it comes to the final itself, the pundit thinks there won't be much between the sides - and is predicting a great atmosphere for both sets of supporters.
Merson told the Star: "I think we will see it now after the way the first legs of both semi-finals went - and if we do it should be a corker.
"It would be massive in Liverpool, obviously, and massive for both sets of fans. But there’s not much between the two teams either.
"You couldn’t call it and it could be great to watch if both teams have a go. They have some great attacking players."
The biggest barrier for Liverpool, of course, is their current injury crisis. Jurgen Klopp doesn't have a single fit centre-back, while there are gaping holes throughout the German's squad.
For Everton, Manchester City's home form provides the biggest obstacle. Under Manuel Pellegrini, City have often been caught out away from home but made amends at the Etihad Stadium.
Both Stoke and Manchester City still have everything to play for - but the Merseyside duo certainly have the advantage going into their second legs.