The Reds suffered their first Premier League defeat of the season on Thursday night when defending champions Manchester City were 2-1 winners against Jurgen Klopp’s side.
Roberto Firmino cancelled out Sergio Aguero’s first-half opener before Manchester City scored a late winner courtesy of Leroy Sane’s clinical finish.
Liverpool FC are still top of the Premier League table and four points clear of second-placed Manchester City in pursuit of a first English top-flight crown since 1990.
The Merseyside outfit will make the trip to Wolves after securing a 2-0 victory over the promoted side in their final Premier League fixture before Christmas Day.
However, Wolves will prove a difficult proposition after beating Chelsea FC in the Premier League at the end of November and securing a draw with Manchester City back in August.
Former Liverpool FC defender Lawrenson admits he finds it hard to predict a winner in what promises to be an enthralling third-round clash between the two Premier League sides.
“Wolves against Liverpool is a difficult one to call,” Lawrenson told BBC Sport.
“There is no doubt that Reds boss Jurgen Klopp will make a lot of changes to his team, while Wolves are on a strange run of results – including winning at Spurs then losing at home to Crystal Palace – that makes it very hard to know what they are going to do next.”
Liverpool FC won seven successive Premier League games before their 2-1 loss to Manchester City at The Etihad.
The Reds haven’t won the FA Cup since 2006.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news