The Reds finished just one point behind City in one of the most fiercely contested title races in the history of the Premier League, recording their best-ever total with 97.
But with Watford then losing 6-0 to City on Saturday evening, they miss out on a place in the Community Shield, with their spot instead going to Liverpool.
The two sides will meet at Wembley just over two months after the Champions League final, with the date expected to be August 4.
This could affect Liverpool’s pre-season plans, with talks underway over a meeting with Napoli at the Tottenham Hotspur Stadium on July 28.
A potential final friendly of the summer could be played at Anfield, despite initial concerns over the playing surface, but this was expected to be a midweek game in early August.
Therefore, if this goes ahead, the Reds may be required to round off their season’s preparations earlier in the week, perhaps on July 29/30.
Liverpool return from their tour of the United States after their clash with Sporting CP on July 24, ensuring a tight turnaround for a squad already disrupted by the UEFA Nations League, Africa Cup of Nations and Copa America.
City are reigning Community Shield ‘champions’, while the Reds’ last time lifting the trophy came in 2006, with a 2-1 win over Chelsea.