Speaking to the Liverpool Echo, the Danish former midfielder was in triumphant mood as he backed the Reds to travel to league leaders Arsenal and grab a win.
Molby - who played for Liverpool between 1984 and 1996 - is not convinced by Arsene Wenger's side, despite the Gunners impressing and sitting top of the table.
"I’m not convinced at all by this Arsenal side, despite their excellent start to the season," he said.
"I think they’re still very fragile, and they will be found out as the season goes on, and hopefully Liverpool will start that process this weekend."
Wenger's side looked poor on Tuesday as they were comfortably beaten by a strong Chelsea side and Molby believes Liverpool can emulate the Blues.
"I know Arsenal made a lot of changes against Chelsea on Tuesday night, but I think Jose Mourinho’s tactics and game plan are something Liverpool should seek to copy," he said.
"Chelsea got tight, got compact, and waited for their chance. Arsenal got frustrated, they got desperate, and they eventually made mistakes.
"Typical Arsenal. I have always thought that Arsene Wenger’s sides do not react well to defeats, and accordingly I expect them to come out all guns blazing in the first 20 minutes."
The winner of the game could finish the weekend in top spot, as Liverpool currently sit two points behind Arsenal.
Table-topping Arsenal will welcome back the likes of Mesut Ozil, Olivier Giroud and Mikel Arteta to the starting line-up and will be looking to prove wrong those who say the Gunners are incapable of mounting a title challenge.