The six-time European champions were eliminated by eventual winners Paris Saint-Germain at the quarter-final stage last season and will be seeking a more fruitful campaign this year under new management in Iraola.
Liverpool claimed a 3-2 home victory over Atletico last season, with captain Virgil van Dijk netting a 92nd-minute winner to seal the win for the Reds late on.
This clash will be Iraola’s first-ever Champions League match as his only managerial experience in European football was in 2018-19 when he led AEK Larnaca to the Europa League group stage through the qualifiers.
Liverpool are heading into a UEFA Champions League campaign without Mohamed Salah for the first time since 2014-15, but with Bradley Barcola, Victor Munoz, Cody Gakpo and Rio Ngumoha, the side are not short of firepower.
Iraola admits Simeone has more experience than him
Speaking on Atletico boss Diego Simeone, Iraola admitted he had a lot of respect for his compatriot who he acknowledges is more familiar with the Champions League as the two sides go head to head at Anfield.
“He has done a very good job as a manager. It is remarkable and it is definitely a big challenge for us. I played against him as a player and I have coached against him. He has much more experience than me in this kind of game but I hope tomorrow we can give him a good game.”
"One of the toughest opponents we will face. But we play against very good teams in the PL. I know quite well Atletico, some of their players. My first game in CL is a great game to play. It will show us where we are. We showed on Friday some good signs but let's see against Atletico where we are."
European nights are a dream come true for Iraola
The first Champions League game is nerve-wracking for any manager, especially with the football calendar heating up. Iraola was next asked about being pushed to the physical limit and how it is a dream come true to manage European nights at Anfield.
"This is going to be a challenge I hope through the season as that means we are in the competitions.This week won't be that bad as we didn't play til Friday next week will be more difficult. I will have to get used to it and definitely you have it in mind when you pick the team the next games.I will not tell you if I plan to rotate! Still my players don't know the line-up so I won't tell you. But I have to consider we have more games and where we are physically.
On European nights under the lights at Anfield: "It's one of the dreams when you start. When I started my coaching career I dreamt of being in a position I am now so I hope I can enjoy it. It is about putting the team together in a position where we can play a good game. Last Friday we needed a win definitely after the bad taste of two draws, I saw some good performances, starting the game stronger with more intensity."
Barcola to be handed his first start?
Lastly, Iraola commented on summer signing Bradley Barcola who fans will be keen to see more after after a brief cameo against Ipswich Town last Friday. Iraola revealed he will be more involved, suggesting he could be handed his first start.
"He is ready to play more minutes. He has been training quite normally, only thing he hasn't had pre-season (games). But he is in a really good place."