Just two points separate the four teams in the group heading into the penultimate matchday, but PSG could see their hopes of reaching the last 16 ended if they lose this match and Napoli win at home to Red Star Belgrade.
The same scenario would also see Liverpool through to the knockout stages with a game to spare, but defeat for the Reds today would likely leave them needing to beat Napoli by more than one goal at Anfield next month.
Make sure you don't miss a moment of the action courtesy of our minute-by-minute updates below.
PSG: Buffon; Kehrer, Silva, Kimpembe, Bernat; Verratti, Marquinhos; Mbappe, Neymar, Di Maria; Cavani
PSG SUBS: Areole, Alves, Choupo-Moting, Draxler, Rabiot, Diaby, Nsoki
LIVERPOOL: Alisson; Gomez, Lovren, Van Dijk, Robertson; Milner, Henderson, Wijnaldum; Salah, Firmino, Mane
LIVERPOOL SUBS: Mignolet, Fabinho, Keita, Sturridge, Shaqiri, Matip, Alexander-Arnold
Jubilant scenes at the full-time whistle as PSG hold on for a crucial victory over Liverpool which leaves them needing just a point against Red Star to progress into the last 16!
PSG were worthy of their half-time lead after goals from Bernat and Neymar, but Liverpool gave themselves a glimmer of hope through Milner's penalty on the stroke of half time. They could not find an equaliser, though, leaving them needing to beat Napoli by two clear goals at Anfield to progress. Thanks for joining our live coverage of the match!
90+6 min PARIS SAINT-GERMAIN 2-1 LIVERPOOL
90+5 min... and Keita is shown a late yellow too!
90+4 min Neymar joins the growing list of players in the book.
90+3 min Robertson also goes into the book for a heavy challenge on Neymar.
90+2 min Neymar fires the resulting free kick towards the bottom corner, but Alisson is across to turn it wide.
90+1 min Van Dijk picks up a late yellow for a foul on Alves.
90+1 min There will be five minutes of added time at the end of this match.
89 min Free kick to Liverpool in a very promising position as Salah is brought down by Kimpembe!
87 min Salah breaks down the left flank but sees Marquinhos come across to sweep up and the ball comes off Salah last for a goal kick. Silva and Marquinhos celebrate with a chest bump - they have both been very good tonight.
85 min PSG SUB: A third and final change for the hosts sees Mbappe replaced by Adrien Rabiot.
84 min Sturridge picks up a yellow for pulling back Verratti. He tried but failed to stop a counter which ended with Mbappe blasting wide of the near post.
83 min Time is ticking away for Liverpool now. There is still the lifeline of Napoli at home to come, but a late equaliser here would make that task a little bit easier.
81 min The home fans wants a penalty as Neymar shows great footwork to earn a yard in the box before being brought down by Van Dijk. The referee says no and points to the ball, but there is a question over whether he went through the leg of Neymar first.
79 min UPDATE: BIG goal at Wembley as Tottenham may well have kept their qualification hopes alive through Eriksen, who has given them the lead against Inter Milan.
77 min LIVERPOOL SUB: A third and final change for the visitors sees Xherdan Shaqiri replace Milner. Two players from Stoke's relegation season on the field now!
75 min Just 15 minutes remaining in this match now, and it is still very finely poised. It has been a lot like a mirror image of the Anfield match, when PSG scored in the 83rd minute to equalise.
73 min Thiago Silva needs some treatment here, although he has spent plenty of time on the floor in this second half. One suspects a certain degree of gamesmanship here.
71 min LIVERPOOL SUB: Klopp makes another change here as Daniel Sturridge replaces Firmino.
70 min Brilliant save from Alisson to keeper Liverpool in this game! Neymar swings a corner into the box which Marquinhos meets with a towering downward header, but it is just too close to Alisson who reacts really well to turn it away!
68 min UPDATE: Barcelona have now doubled their advantage against PSV, with Pique joining Messi on the scoresheet.
66 min LIVERPOOL SUB: Liverpool also make a change as Naby Keita replaces Wijnaldum.
66 min PSG SUBS: Tuchel clearly isn't happy with his side as he makes a double change here. Dani Alves and Eric-Maxim Choupo Moting replace Cavani and Di Maria.
64 min Some frustration is just beginning to creep in for the PSG players and fans. The hosts are defending really well at the moment, but are not looking anywhere near as dangerous going forward.
62 min Liverpool are certainly looking a lot more capable of getting something out of this game now than they were for long spells in the first half. PSG no longer have that control over the contest, and the game is beginning to open up a little now.
60 min Chance for Liverpool here as Robertson's cross into the box takes a slight deflection on the way through. Firmino still meets it, but he puts his header wide of the target.
59 min UPDATE: Red Star have pulled a goal back against Napoli to make it 3-1, but surely it is took big an ask for them. Elsewhere, Lionel Messi has given Barcelona the lead against PSV.
57 min You can just sense that Liverpool's belief levels are starting to grow here! Salah almost breaks into the box and then Kimpembe is almost caught inside his own area by Firmino. The visitors are very much in this game now!
56 min Better from Liverpool as Mane slides the ball in for Robertson, who reaches the byline for the first time tonight. Silva makes a flying block to deny the low cross, though, and then screams at the crowd to up the noise levels again.
55 min UPDATE: A quickfire double for Porto; they now lead Schalke 2-0 having been goalless at the break.
53 min Neymar gets a shot away from range which trickles into the arms of Alisson, but the referee pulls play back for a very soft free kick.
51 min UPDATE: Napoli are making light work of Red Star - they are now 3-0 up at the Stadio San Paolo through Mertens's second of the night. Elsewhere, Porto have taken the lead against Schalke.
49 min Positive start to the half from PSG but Liverpool try to respond here as Milner plays a low ball into the box which is cleared away.
47 min PSG think that they have made a perfect start to the half as Marquinhos pokes the ball beyond Alisson from a corner, but the offside flag is correctly raised!
46 min Liverpool get us back underway for the second half in Paris!
The first half comes to an end at the Parc des Princes and it is PSG who are deservedly in control of the game, but Liverpool gave themselves a lifeline right on the stroke of half time.
PSG have been by far the better team in this match so far, but in a role reversal of the Anfield fixture it is Liverpool who had kept themselves in the game.
45+3 min PARIS SAINT-GERMAIN 2-1 LIVERPOOL
45+1 min No mistake from Milner as he sends Buffon the wrong way and gives Liverpool a route back into this match right on the stroke of half time. Exactly what the visitors needed!
45+1 min PSG 2-1 LIVERPOOL (JAMES MILNER, PENALTY)
45 min Penalty to Liverpool as Di Maria dives into a very rash challenge on Mane! The referee initially pointed for a corner, but he was corrected by the official and the right decision is reached eventually! That one was as clear as you are likely to see!
44 min Almost a chance for Salah as Henderson clips a pass over the defence and Salah gets on the wrong side of his marker. He tries to prod it goalwards, but just cannot get on the end of it.
43 min The silver lining for Liverpool is that they don't actually have to worry about goal difference in this match. Defeat by whatever margin tonight would still leave them needing to beat Napoli by more than one goal on matchday six.
41 min Quite a list of names for Neymar to be leading...
39 min It is a long, long way back for Liverpool now. When PSG's attackers are in this type of form they are nigh-on impossible to stop.
37 min PSG win the ball back inside their own half and proceed to rip Liverpool apart with a devastating break. Neymar exchanges passes with Mbappe before then releasing the winger down the left. His low ball into the box is met by Cavani, whose effort is really well saved by Alisson.
However, the ball then falls to Neymar, who passes the rebound into the bottom corner.
37 min GOAL! PSG 2-0 LIVERPOOL (NEYMAR)
36 min Just under 10 minutes remaining in the first half here and Liverpool are holding their own now, but it is still PSG who look most likely to score. They can just break so quickly.
34 min YELLOW CARD! Gomez picks up a yellow for dragging Neymar back in order to stop an attack.
33 min UPDATE: All of the Champions League goals so far tonight have come in this group, and Napoli have got another against Red Star - Dries Mertens have doubled their advantage.
31 min CHANCE! Lightning break from PSG as Neymar drives forward before sliding a pass to Mbappe, who in turn puts a teasing low cross into the box. Alisson is down bravely at the feet of Cavani to deny the Uruguayan, though, and moments later he plucks Neymar's attempted lob out of the air.
30 min Better from the visitors as Milner reaches the byline and stands the ball up to the back post where Firmino meets it, knocking it back into a dangerous area. There are no red shirts in the middle to take advantage, though.
28 min Liverpool are missing that one telling piece of quality in the final third at the moment. They have grown into this game, but need to make more of their promising positions.
26 min Liverpool are certainly seeing more of the ball inside PSG territory at the moment, with the hosts having dropped off a little since the goal. Still no real threat to Buffon's goal, though.
24 min Verratti is a little fortunate here. He goes into a high and heavy challenge on Gomez, catching him after the ball had gone. I have seen them result in red cards, but the referee quickly produces just a yellow.
22 min Liverpool do win the ball high up the field and Milner cuts the ball back for Salah, who clips a nothing finish wide of the near post when he would have been better off going for the opposite corner.
21 min Liverpool try a few more direct balls in the last few minutes as they look to get further forward and put pressure on the PSG defence. Decent response from the visitors.
19 min Neymar clips another early free kick in behind which Mbappe almost gets onto the end of. The hosts are just half-a-yard quicker with everything at the moment - they look a lot sharper than Liverpool.
18 min Neymar tries to play it in early and catch the Liverpool defence out, but Alisson is alert and comes off his line to claim it.
17 min Wijnaldum picks up the first yellow card of the night as Wijnaldum clatters in to Neymar after some nice link-up play with Mbappe.
15 min This is a huge test for Liverpool now. They are yet to test the keeper or really pose much of an attacking threat, with PSG in control of this one at the moment.
13 min PSG make the breakthrough after just 13 minutes as Liverpool fall asleep at the back!
There is too much space for the hosts to drive forward as Verratti slides a pass in for Mbappe, whose subsequent low ball into the box was only half-cleared by Van Dijk. Bernat was the quickest to react, cutting inside before dragging his finish past Alisson.
13 min PSG 1-0 LIVERPOOL (JUAN BERNAT)
12 min PSG move up the gears as Mbappe flicks the ball in to Neymar, who is taken down by Milner. The ball breaks kindly for Mbappe, though, and the winger fires his effort into the arms of Alisson.
11 min UPDATE: There has been a goal in the group's other game, where Napoli have taken the lead against Red Star through Marek Hamsik.
9 min There have just been a few warning signs for Liverpool already tonight, with PSG looking sharp on the ball and asking some questions of the Liverpool defence early on. It has been played at a really good tempo so far.
7 min The resulting corner is played short and Neymar clips a cross into the box for a completely unmarked Silva, who sees his header really well saved by Alisson. The offside flag is raised - wrongly, as it turns out - but Alisson didn't know that.
6 min A good spell of possession from PSG eventually sets up a volleyed chance for Di Maria, whose dipping volley is heading for the corner until Alisson parries it away.
4 min Liverpool respond with their first break as Firmino tries to back-heel the ball to Salah inside the box, but it is hooked behind for a corner.
3 min PSG are not hanging about here. They have almost got in behind on a couple of occasions and Mbappe has a shooting chance here, but he drags his effort wide of the target via a slight deflection.
1 min Here we go, then! PSG get us underway at the Parc des Princes!
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