While the 1990s fans' favourite knows the Reds can outscore any team, he acknowledges his former side cannot overlook the threats posed by Luis Suarez and Daniel Sturridge, two strikers who have netted a combined total of 45 goals in all competitions this season.
"I think we are capable of scoring, but for me, it is about stopping them first and foremost," Sharpe told MUTV's Thursday Focus programme. "You don’t want to let them score in the first 20 minutes and then they hit you on the counter when you’re putting all of the pressure on. It is tough because they have had such a good season.
"Luis Suarez, for me, is the third or fourth best player in the world - never mind the Premier League. He scores goals from outside the box, inside the box, he rips defences apart, he creates goals and is an unbelievable player. We need to keep him quiet.
"Playing Marouane Fellaini in midfield could be crucial. Stopping the service is the main thing, which means pressing high and putting them under pressure with a high-tempo game. Whether we can do that for 90 minutes remains to be seen, but I think we are well capable of scoring goals ourselves."
Legends on Liverpool: McClair | Macari | Rush | Pallister