Barnes said: "It would be an even more remarkable feat that the other European Cup victories if you take into consideration the stature of the team now. I would say it would be their greatest European victory.
"Back then Liverpool were expected to get into European semi-finals and win cup finals but they're not expected to do that now. I never played in the European Cup with Liverpool because we were banned in my first five years there, but we won the league for three of the years we weren't in Europe.
"The Liverpool teams of 1977, 1978, 1981 and 1984 which won the European Cup were expected to win it in those years. Now they're only expected to get through the qualifying rounds so it would be an even more remarkable achievement.
"To get to the semi-final is itself fantastic, because of the injuries and the way they have been playing in the league - they have been so inconsistent. Tradition means nothing. It's 2005 and they're fifth in the league and the last time they won the European Cup was in 1984.
"Liverpool are getting players back like Cisse and Alonso who have been out for a while so they are going to be hungry and refreshed.
"Steven Gerrard will be a big factor. After the disappointment of scoring an own goal which rescued Chelsea in the Carling Cup Final he'll want to show that he is the best midfield player in the country. Gerrard will have something to prove so he should be on fire.
"Chelsea are all set to win the league and everyone will expect them to dispose of Liverpool. But Liverpool like being the underdogs and that helped them in other Champions League matches against Bayer Leverkusen and Juventus.
"I'm tipping Liverpool and they can win the Champions League although AC Milan will be favourites."