Capital One Cup final as it happened: Liverpool 1-1 Manchester City AET (Manchester City win 3-1 on penalties)

Stirring stuff from Caballero to silence the doubters and make himself a hero at Wembley. For the second time in three seasons, Manchester City have won the Capital One Cup. These two teams will go head-to-head once again on Wednesday in the Premier League.

That is all from us, but stay tuned to IBTimes UK for post-match reaction from both camps. Goodnight.

Manchester City win the 2015-16 Capital One Cup

Toure.... SCORES!

Lallana is also found wanting for Liverpool as Caballero makes a superbly strong one-handed stop.

Yaya Toure to win it for City...

Pure class from Aguero as he steps up coolly to slot into the bottom corner with the minimum of fuss. Mignolet dived the right way but he was never getting anything on that.

The perils of a stuttering run-up. Coutinho tries to psyche out Caballero but the goalkeeper guesses correctly and saves Liverpool have missed two in a row now.

A nervy moment for Navas as his low drive squirms into the bottom corner. Mignolet was so close to getting his hand on that. 1-1.

Lucas is next up for Liverpool but his effort is parried well by Caballero. Liverpool still lead 1-0...

Fernandinho, who scored City's only goal in normal time, pulls his effort against the base of Mignolet's right-hand post. Big miss.

Can goes with a risky chip down the middle but it works and Liverpool draw first blood from the spot.

The penalties will be taken at the end of Wembley currently occupied by Manchester City's supporters.

Can up first for Liverpool...

Liverpool booked their place in this match courtesy of a penalty shoot-out win over Stoke, of course. Their last appearance in the League Cup final also ended with a spot-kick victory against Cardiff in 2012.

Good omens...

Penalties it is, then. Tension aplenty at Wembley.

End of extra-time

Liverpool 1-1 Manchester City

City force a final corner and Bony looks set to test Mignolet with the header before Fernandinho nips in front of his teammate and nods well wide. That should do it...

There has been very little by way of aggravation in this final so far, but things really heat up with just minutes left. Lallana reacts angrily to a poor challenge from Toure and all manner of handbags ensue.

Lallana, Toure and Fernandinho are all booked to take the yellow card count up to 10.

Route one from Caballero as he launches the ball downfield. Milner tries to head back to Mignolet but sells him short and Aguero touches over on the stretch.

Caballero saves from Sturridge's free-kick. Origi is then centimetres away from making proper contact with a dangerous inswinging cross from Milner.

That's a bad, late challenge from Nicolas Otamendi on Clyne and the City centre-back is rightly cautioned.

Despite Yaya Toure clearly struggling, Pellegrini withdraws Silva with his last sub and throws on Bony.

The manager clearly not tempted to introduce Hart in anticipation of a penalty shoot-out.

Liverpool almost take the lead as Milner scoops up Sturridge's mishit shot on the byline, only for Caballero to parry Origi's close-range header.

Yaya Toure tumbled to the turf moments before after losing possession to big brother Kolo, but he seems fine to carry on.

Frustration for Sturridge as he looks to finish Origi's cross but Lallana gets in his way.

The final 15 minutes is upon us. Penalties are looming at Wembley, unless someone can make themselves a hero now.

Half-time in extra-time

Liverpool 1-1 Manchester City

What a chance for City. After a neat one-two between Aguero and Silva, Henderson tries to stop the Argentine from collecting the return pass only to nudge it directly into his path.

One-on-one with Mignolet, he tries to finish with the outside of his boot but the goalkeeper somehow keeps it out with a vital one-handed save.

Origi receives possession from Coutinho and turns Yaya Toure but his powerful shot from 30 yards is high and not at all handsome.

Aguero seems to be in some discomfort after collapsing under Lucas' challenge. That was an obvious foul missed by Oliver and his assistant.

Lallana and Coutinho engineer a swift Liverpool counter before the former is stopped in his tracks due to a nudge from Fernandinho.

Origi goes to ground under the attentions of Silva and Kompany but was never likely to win a penalty there.

Extra-time is underway.

City, who did not make a single substitution during that initial 90 minutes, are making two changes ahead of extra-time. Pablo Zabaleta and Navas are on for Sagna and Fernando.

End of 90 minutes

Liverpool 1-1 Manchester City

A crucial clearance from Sagna as he prevents Coutinho's searching cross from finding Sturridge. The offside flag is then belatedly raised.

Yaya Toure looks to have picked up a knock following a firm but fair challenge from Can. Deep into the four minutes of additional time now.

Two late chances for Toure, but Mignolet stands firm for Liverpool. Strong character from the Belgian to bounce back from that error for Fernandinho's opener.

Henderson lines up a shot but an accidental deflection off Origi carries it safely through to Caballero.

Real energy to this game now as Sterling's cross finds its way past Silva and through to Fernando, who shoots straight at Mignolet from close range. That was a real chance to restore the lead.

Can has been booked for a cynical foul on Gael Clichy, while Kompany is also shown a yellow card for bringing down Origi.

After so many unconvincing and meek attacks, Liverpool grab the equaliser with eight minutes of normal time remaining.

Coutinho is the man who has scored it, rifling past Caballero from a central position after Lallana had turned Sturridge's low ball on to the post.

Game on.

Goal: Liverpool 1-1 Manchester City (Philippe Coutinho)

Into the last 10 minutes of the 90 and Liverpool win a free-kick in a dangerous position courtesy of Vincent Kompany's foul on Milner, who dusts himself down before sending in a deep ball that is gathered by Caballero.

Brilliant from Aguero, who beats both Milner and Lucas with ease before pulling the ball back for Sterling.

The England international fires wide once more.

That's so poor from Milner as he is found in space and has time to pick out a decent cross but succeeds only in finding a light blue shirt.

With time running out, Klopp makes his final change. Divock Origi on for Firmino.

Fernando has his name taken for pulling back Lallana. City's good defensive discipline then pays dividends once again as Firmino is flagged for offside.

Liverpool are beginning to pick up plenty of possession, but still they remain without a single shot on target as Henderson's back-post cross towards Lallana runs out of play.

At the other end, Aguero looks to test Mignolet from distance but his tame effort is easily held.

Moreno is the man to make way for Lallana.

20 minutes remaining for Liverpool to get back into this cup final. Lallana is preparing to come on.

More sub-standard defending from Moreno as he brings down Fernandinho just outside the Liverpool box. Silva steps up to fizz the resulting free-kick just over.

Aguero makes a bursting run from his own half to hurtle through on goal. He is eventually held up by Moreno, who loses ground for a moment before making a ridiculous attempt to win possession by sticking out a trailing leg in his own area.

Aguero takes the contact but referee Oliver declines to give the penalty. Controversial.

How have City not doubled their advantage? Yaya Toure leads the counter-attack and Silva eventually picks out Sterling, who pokes the ball wide of Mignolet's left-hand post from close range.

The ball did take a nick off Kolo Toure on its way through, but that's still little excuse. That should have been 2-0 and he knows it.

In search of an equaliser, Coutinho, Sturridge and Milner exchange quick passes before the former Manchester City midfielder slices into the side netting. He should have done much better with that chance.

Much of the talk in the build-up to this final concerned Pellegrini's controversial choice to leave Hart on the bench in favour of the erratic Caballero. But in reality, it's Liverpool's first-string goalkeeper that has made the costly error.

Klopp's side certainly need to step up their game now. Clyne is the first player to be booked as he treads on Sterling's instep. That looked a painful one.

Manchester City edge ahead and it's dismal goalkeeping from Mignolet, who allows Fernandinho's shot to slip under his body after the Brazilian was teed up on the overlap by Aguero.

Suddenly that excellent first-half save seems like a distant memory.

Goal: Liverpool 0-1 Manchester City (Fernandinho)

Silva's lofted pass finds Aguero down the left channel. The Argentine shrugs off the attentions of Lucas but his ambitious shot from a difficult angle is over.

We are back in business at Wembley. Are there goals to come in this or are we destined for extra-time and the lottery of penalties?

A relatively cagey and scrappy opening 45 minutes, as you might expect from a high-profile cup final between two big and relatively evenly-matched teams. Losing Sakho so early was a real blow for Liverpool, who have Mignolet to thank for a strong save that denied Aguero the opening goal.

Half-time

Liverpool 0-0 Manchester City

Milner charges down the left and attempts a cross that is headed on by both Can and Sturridge before Coutinho's attempted volley goes awry.

Two minutes of added time signalled by the fourth official.

Referee Oliver is clearly keen to keep his cards in his pocket today. Fernando could have been cautioned for a crude check on Coutinho and Lucas is incredibly lucky to have avoided further punishment for lunging recklessly at Aguero.

A couple more City corners come to nothing as we enter the last five minutes of the first half. Still little to choose between these two teams, with Aguero creating the only clear-cut chance of the afternoon so far.

Liverpool cry for a penalty after Moreno tumbles theatrically under pressure from Fernandinho. Nothing given.

Silva then inadvertently deflects Sterling's shot behind for a Mignolet goal kick.

Sloppy from Fernandinho to trip Sturridge mere inches outside the City penalty area. Thankfully for him, Coutinho's attempted ball in is sliced horribly out for a throw on the far side.

Sakho's reaction perfectly showcases why players probably should not be left to make decisions on their own welfare in those sorts of situations. Liverpool's medical staff did not appear to have any other choice.

You have to feel for Sakho. Klopp could clearly be seen apologising to the French international, who hurled his water bottle to the ground in an obvious show of frustration before sitting on the bench with his face covered by a jacket.

He now seems to have gone down the tunnel, no doubt for a further medical check-up.

Sakho is clearly not right and Klopp makes the difficult but correct decision to replace him with Kolo Toure.

At the other end, Coutinho picks out Firmino but his shot flies well over the crossbar.

The first real chance of the cup final falls to Aguero, who cuts inside Lucas and a stumbling Sakho before curling a shot that is pushed on to the post by a fine save from Mignolet.

Jordan Henderson goes to ground with a good sliding challenge on Sterling, but the former Liverpool winger bounces back to sell him a nutmeg and City have another free-kick in a decent position on the left.

Silva's delivery is cleared.

Can was backtracking for that header and Sakho clearly did not feel confident that his teammate would win the ball and his run and leap led to that nasty collision.

The duo are both back on the pitch and look fine to continue, but Kolo Toure runs through his warm-up just in case.

We've got a break in play now after Sakho and Emre Can bash heads as both players look to beat Fernandinho to an aerial ball. This will be a concern for Klopp.

The ball is just getting bogged down in midfield a little at the moment. City look to get Sergio Aguero involved in proceedings but he is quickly shackled by a number of red shirts.

Mignolet then clears efficiently following a slightly nervy back-pass from Lucas.

Confident defending from Lucas, who rises to turn away Bacary Sagna's cross after the right-back was found in space by Yaya Toure.

City's turn to attack now down at the Liverpool end, where Raheem Sterling is predictably being treated to a harsh reception.

He is fouled by Clyne and David Silva's free-kick from the left flank is headed clear by Sakho before Fernandinho blazes over on the volley.

Nifty movement from Firmino and Nathaniel Clyne, but the latter is stopped from picking up Philippe Coutinho's audacious no-look pass as Caballero collects.

Klopp's men are enjoying a lot of possession in the opening few minutes but no meaningful chances to speak of just yet.

Liverpool make a positive start as Roberto Firmino and Sturridge combine to find Alberto Moreno, who fires in a low diagonal cross that is held by Caballero.

Plenty of noise and colour from the 90,000 supporters in attendance as Michael Oliver gets this final underway.

Let's hope it doesn't disappoint...

The teams have emerged from the tunnel. Opera singer Anna Leese belts out the national anthem with a chilly Wembley bathed in late afternoon sunshine.

In terms of other absentees, Liverpool remain without Dejan Lovren after a bout of illness. Kevin Stewart has an ankle injury, while Jordan Rossiter, Danny Ings and Joe Gomez are all still sidelined.

Pellegrini, who claimed he was down to just 13 senior players before fielding several youngsters during that heavy FA Cup fifth-round defeat at Chelsea, is missing Fabian Delph, Eliaquim Mangala, Kevin de Bruyne and Samir Nasri.

Pellegrini, meanwhile, makes one alteration from the side that cruised to a 3-1 Champions League triumph in Kiev on Wednesday evening.

As expected, second-choice goalkeeper Willy Caballero replaces Joe Hart as he continues his record of playing in every single round of this season's Capital One Cup.

City's options are boosted by the return of Jesus Navas and Wilfried Bony after hamstring and calf issues respectively. Both men are on the bench this afternoon.

Liverpool are unchanged from their 1-0 Europa League last-32 second-leg victory over Augsburg. Adam Lallana and Joe Allen are listed among the substitutes after each returning to first-team training this week, but Martin Skrtel remains absent after more than two months out with a hamstring injury.

Daniel Sturridge starts once again up front and Klopp continues to partner midfielder Lucas with Mamadou Sakho at centre-back. Kolo Toure is on the bench.

Manchester City: Caballero, Sagna, Kompany (c), Otamendi, Clichy, Fernando, Fernandinho, Toure, Silva, Sterling, Aguero

Substitutes: Hart, Kolarov, Zabaleta, Demichelis, Navas, Iheanacho, Bony

Liverpool: Mignolet, Clyne, Lucas, Sakho, Moreno, Can, Henderson, Milner, Firmino, Coutinho, Sturridge

Substitutes: Bogdan, Toure, Benteke, Lallana, Allen, Origi, Flanagan

Jurgen Klopp has only been in charge at Liverpool for a matter of months, yet today he has the opportunity to do something that predecessor Brendan Rodgers never managed in three-and-half years by guiding the club to their first piece of silverware since the second reign of Kenny Dalglish.

Manchester City last won this competition with victory over Sunderland in 2014 and have also collected two Premier League titles and an FA Cup crown in recent years. They were recently lambasted for fielding an extremely weakened side in a 5-1 thrashing at Chelsea, although the motivation to pick up another trophy will likely be increased by the fact that manager Manuel Pellegrini is set to be replaced by Pep Guardiola this summer.

Kick-off in the 2015-16 Capital One Cup final at Wembley to come at 16.30 GMT. We will have breaking team news and confirmed line-ups for you very shortly, in addition to live updates throughout the afternoon.