From a totally pragmatic perspective, Liverpool are probably not a team Arsenal need to worry about this season because Arteta is realistically not gunning for the title (though, of course, we'll see how the season goes). They do need to beat out the other top four contenders head-to-head and of course get a good haul of points / strong goal difference against the bottom half clubs to ensure a CL spot.
For Arteta, a top four finish would be a successful season IMO, and I imagine they will go deep in the cups. Europa League? Meh, as long as they get knocked out by a good opponent in the knockout rounds grumbling will probably be kept to a minimum. Or they could go deep there if they exit the cups early.
Liverpool are in good form and I am hoping for, but by no means expecting, a win for the Reds.
EDIT: Speaking of the Europa League, Leicester could have an interesting campaign in Europe if they make it a priority...but the league will surely take precedence.
Personally, I'd be more than happy with a top four finish and an early exit from the Europa League (but, with the caveat, to a good - i.e. worthy - opponent).
Arteta has already amassed some silver - I'm not going to sneeze at the FA Cup - (and will remind any gloomy or grumbling Gooners that Pochettino never acquired any silverware) and wouldn't at all mind more such silver.