But the topsy-turvy encounter swung in Arsenal’s direction with two goals inside three minutes.

On 67 minutes, Arshavin dispossessed a dawdling Arbeloa before advancing forward and unleashing a brilliant shot past Reina, and the Russian completed his hat-trick after Fabio Aurelio’s clearance from a Nasri cross fell straight to his feet.

Liverpool, though, would not be deterred. And when Riera found Torres on the edge of the area two minutes later, the striker made space for a shot that Fabianksi couldn’t keep out.

Gibbs denied Torres a hat-trick by clearing the Spaniard’s header off the line but with Liverpool pressing everything into attack, they were criminally caught on the counter-attack from their own corner with Walcott racing clear to tee up Arshavin for another clinical finish.

Nabil El Zhar almost snatched a draw but was denied by Fabianski before, deep in injury time, Alonso’s deep cross was headed across goal by Mascherano, hit Ryan Babel and was hooked in by Benayoun.

It was one of the greatest games in Premier League history, one those present were privileged to watch. But for Liverpool’s title challenge, that simply isn’t enough.

Match facts

LIVERPOOL (4-2-3-1):  Reina; Arbeloa, Carragher, Agger, Aurelio; Mascherano, Alonso; Kuyt (El Zhar 86), Benayoun, Riera (Babel 73); Torres. Subs: Cavalieri, Dossena, Lucas, Ngog, Skrtel.

GOALS: Torres 49, 72, Benayoun 56, 90

ARSENAL (4-4-1-1):  Fabianski; Sagna, Toure, Silvestre, Gibbs; Arshavin, Song, Denilson (Walcott 65), Nasri; Fabregas; Bendtner (Diaby 90). Subs: Mannone, Eduardo, Vela, Ramsey, Eboue

GOALS: Arshavin 37, 67, 70, 90

BOOKED: Sagna (foul).

REFEREE: Howard Webb (South Yorkshire)

ATT: 44,424

NEXT MATCH: Hull City v Liverpool, Barclays Premier League, Saturday, 3pm.