Liverpool are top of the league after drawing 4-4 with Arsenal in one of the most thrilling games of football ever witnessed at Anfield.
Russian ace Andrey Arshavin scored four goals for the Gunners, who took the lead three times including once in injury-time.
But Yossi Benayoun popped up to level with seconds to spare to put the Reds ahead of Manchester United on goal difference.
It was the Israeli's second of the game, with Fernando Torres also claiming a double in front of a stunned capacity crowd.
The result keeps the title race alive, though everyone on the red half of Merseyside will be praying United drop points at home to Portsmouth in one of two games in hand on Wednesday.
Buoyed by his side's four goals at Stamford Bridge, Rafa Benitez opted for an offensive line-up including four attackers. Little did the Anfield boss know that he was about to witness an even more exciting encounter than that seen at Chelsea a week ago.
Messrs Torres, Benayoun, Riera and Kuyt set about some sizzling play in front of an all-time attacking great, Ray Kennedy, who suffers from Parkinson's disease. Prior to kick-off, both sets of supporters held aloft mosaics showing the 57-year-old's shirt numbers (he wore No.5 at Anfield, No.10 at Highbury) to bring attention to the Ray of Hope fundraising appeal.
There were just three minutes on the clock when Kennedy witnessed a current Kop icon, Torres, doing what he does best. The Spaniard made a mug of Bacary Sagna to go one-on-one with Lukasz Fabianski. Rarely does the 24-year-old spurn such chances but his tame sidefoot was easy for Arsenal's rookie goalkeeper.
Minutes later Fabio Aurelio dinked a cute ball over a static back four to Benayoun, whose stretched effort again fell kindly for Fabianski.
Next, Dirk Kuyt bypassed two Arsenal defenders with a delicate throughball to Benayoun. This time the 'keeper committed early and got there just in time.
Fabianski was maligned in the press following a series of errors which contributed to Arsenal's FA Cup semi-final defeat to Chelsea on Saturday, but the young Pole was single-handedly keeping Liverpool at bay here. Even his defenders looked a little surprised when he got fingertips to a 20-yard snapshot from Torres on 18 minutes.
The Spain international was again denied on 30 minutes after leaving Kolo Toure with his backside on the turf, while Daniel Agger had a header cleared off the line on his 50th league appearance for the Reds.
Six chances, no goals. All of which made what happened on 36 minutes even harder for the Kop to swallow. It was Javier Mascherano who was caught in possession on the edge of his own box, with Samir Nasri and Cesc Fabregas on hand to capitalise before feeding the onrushing Arshavin, who converted off the bar from close range.
Fabianski again came to Arsenal's rescue with a reflex save as Benayoun weaved his way towards an instant reply. The Israeli was playing like Peter Beardsley, but again missed out on his just rewards after a smart header from an Alvaro Arbeloa cross looped just over.
If the Premier League's top scorers felt hard done by to be behind at the break, they didn't linger on their disappointment. It took Torres just four minutes after the restart to level the scores after an inviting cross from Kuyt. The No.9 found a yard on the edge of the six-yard box and powered his header beyond the reach of Fabianski to record his 15th goal of the season.
Seven minutes later the game had been turned on its head, and again the goal was the product of a Kuyt cross, this time towards Benayoun at the back post. The Israel captain ignored a high challenge from Sagna to send a diving header through the palms of Fabianski and over the line.
Twenty years after Arsenal clinched the title at Anfield, the Kop sniffed what could have been a decisive victory in this year's race. But the drama was not yet complete.
Liverpool probed for a third but, to the surprise of just about everyone inside Anfield, it was the visitors who struck next through Arshavin. The Russian pounced after Jamie Carragher's header failed to reach Arbeloa before sending a 20-yard curler past the diving Pepe Reina.
Arsenal fans had barely finished celebrating when their January signing completed his hat-trick on 70 minutes after Aurelio failed to clear. The striker fired close to Reina but with enough power to ensure it reached the net.
It was just two minutes before a remarkable game took another twist as Torres prompted another Kop eruption. El Nino collected the ball on the edge of the box, bought a yard from Mikael Silvestre and slotted home via the hand of Fabianski.
Torres was denied a hat-trick of his own with 10 minutes remaining when Kieran Gibbs cleared his glancing header off the line. Jamie Carragher, meanwhile, was almost the unlikely hero with a 20-yard volley with sailed narrowly wide.
But it was Arsenal who struck next in injury-time when a Liverpool corner was cleared to substitute Theo Walcott. With just Xabi Alonso back, the 20-year-old only had to look up to see Arshavin. He did, and the striker kept his cool to beat Reina.
Game over? Not according to Benayoun, who seconds later found himself with the ball at his feet five yards out. The winger made no mistake with his sidefoot into the bottom corner and that, finally, was that on an incredible night in L4.
Teams
Liverpool: Reina, Aurelio, Agger, Carragher (c), Arbeloa, Riera, Alonso, Mascherano, Kuyt, Benayoun, Torres. Subs - Babel, Cavalieri, Dossena, El Zhar, Leiva, Ngog, Skrtel
Arsenal: Fabianski, Gibbs, Silvestre, Toure, Sagna, Nasri, Fabregas (c), , Song, Arshavin, Bendtner. Subs - Diaby, Eboue, Mannone, Ramsey, Vela, Walcott,
Referee: Howard Webb
Conditions:
Attendance: Unavailable
Liverpoolfc.tv Man-of-the-Match: Benayoun
Breakdown
19:02 GMT : Match Starts
1 min : Arsenal kick off attacking the Kop end
1 min : Prior to kick off both sets of fans produced a tremendous public show of support for Ray Kennedy. The Kop held up a mosaic with a white '5' on a red background to represent Ray's Liverpool shirt number while the away fans held up a blue '10' against a yellow background
3 mins : First chance falls to Torres but Fabianski does well to hold his effort from the edge of the box
5 mins : Good bit of pressure from the Reds ends with Yossi hooking a volley into Fabianski's hands after a cute chipped pass from Aurelio
6 mins : Another chance for LFC. Riera drills a low shot that the Gunners' stopper does well to keep out. A bright opening from Rafa's Reds
10 mins : Great ball by Kuyt finds Yossi but Fabianski is out well to deny him
14 mins : Masch turns well on the left and fires a low shot just wide. It's all Liverpool at the moment
16 mins : Beautiful Arsenal move almost unlocks the Reds defence... but Yossi is back to clear. Great work from the Israeli
18 mins : Torres crashes a shot towards the top corner...great save Fabianski
20 mins : Great link play between Riera and Benayoun sees the Spain winger get in behind, but his low cross is well defended by the Arsenal backline
21 mins : Free-kick 35-40 yards out to LFC...Xabi standing over it
22 mins : Easily cleared by the Arsenal defence
24 mins : Fabianski may had his critics on Saturday in the FA Cup, but he's started well here
25 mins : The Reds seem to have lost their way a little in the past five minutes or so
26 mins : Magnificent ball from Xabi sends Kuyt through...he's brought down just outside the area...no free-kick. Crazy decision by the referee. The crowd are not impressed
27 mins : An Arsenal free-kick is greeted by incessant booing...but it's cheers now as the Reds win a corner
29 mins : A mix-up between Reina and Agger almost results in an opening goal for the Gunners - but Fabregas drills his volley wide
30 mins : Yossi looks to be in... but that man Fabianski is there again
30 mins : Torres shoots from distance....another great stop from the Pole
31 mins : Agger almost caps his 50th Reds appearance with a goal but his flick-header at the near post is hooked off the line
33 mins : Nice feet from Arshavin...unfortunately for him, his attempted cross is not so good and he miscues for a goal-kick - much to the amusement of the Kop
36 mins : GOAL! Andrey Arshavin:
40 mins : Anfield has been stunned by Arsenal's smash and grab. It must have been their first serious attack of the match
44 mins : Kuyt sees a hooked effort cleared off the line but it looks like the Gunners will go in ahead
45 mins : There will be a minimum of one minute as added time
45 mins : Arbeloa sees his shot well saved
19:49 GMT : Half Time Reached
20:04 GMT : Second Half Begins
46 mins : LFC restart the match attacking the Kop end
46 mins : Corner ball to the Reds
47 mins : Xabi's corner is flighted outside the box to Aurelio who gets his volley all wrong
49 mins : GOAL! Fernando Torres: Great header from Kuyt's cross
53 mins : It's the perfect start to the second period and the crowd are really up for this now
56 mins : GOAL! Yossi Benayoun: Yossi's header just crosses the line after another great ball in from Kuyt
59 mins : Xabi arcs a free-kick just over. It's been a stunning turnaround by LFC
61 mins : First Booking: Bacary Sagna:
62 mins : Torres' turn and shot is well gathered by Fabianski. The Reds are well on top
64 mins : Riera's shot is deflected for a corner following a great run by the Spaniard
65 mins : Substitution: Theo Walcott for Denilson :
66 mins : Fabianski does well to punch clear Aurelio's free-kick
67 mins : GOAL! Andrey Arshavin: Stunning effort from the Russian
70 mins : GOAL! Andrey Arshavin: Hat-trick
72 mins : GOAL! Fernando Torres:
73 mins : Substitution: Ryan Babel for Albert Riera:
78 mins : What a game!
79 mins : The Reds need the winner to pull clear of Man United
80 mins : Free-kick to LFC 25 yards out. We need a hero now
81 mins : But Xabi fires it well over
82 mins : Corner to LFC after a good run by Babel... Torres heads goalwards... it's off the line
83 mins : Another corner is cleared to Carra...but he guides a volley just over
84 mins : It's been a season of great comebacks but can we do it again?
86 mins : Substitution: Nabil El Zhar for Dirk Kuyt:
87 mins : Powerful run from Carra but his shot is wayward
89 mins : Corner to Liverpool. Time is running out
90 mins : GOAL! Andrey Arshavin:
90 mins : Substitution: Abou Diaby for Nicklas Bendtner:
90 mins : GOAL! Yossi Benayoun:
90 mins : First Booking: Francesc Fabregas:
20:56 GMT : Match Over
Tagged: arsenal , premier league