Liverpool beat Leicester City 5-4 on penalties to reach the Carabao Cup semifinals after a thrilling 3-3 draw in regular time.

Diogo Jota fired the deciding kick in the ensuing shoot-out past Foxes keeper Kasper Schmeichel as the Reds moved on in the competition, where they'll face Arsenal in the two-legged semifinal.

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The game went to penalties after Takumi Minamino's last-gasp goal in stoppage time levelled the affair at three goals apiece in an instant classic at Anfield.

Jamie Vardy had scored in quick succession to give the Foxes an early two-goal lead by the 13th minute before Alex Oxlade-Chamberlain pulled one back right after the 20th minute for the hosts.

James Maddison restored Leicester's advantage in the 33rd minute with a stunner from outside that left keeper Caoimhin Kelleher diving in vain.

Jota gave Liverpool some life in the 68th minute with a goal in front of the Kop, but it was Minamino's goal in the waning seconds that sent the game to penalties.

Minamino then spurned a chance to send Liverpool through in the ensuing shoot-out as he blazed his effort over the bar. But Kelleher then saved Ryan Bertrand's effort, his second save of the shoot-out, before Jota converted.

With Liverpool facing Arsenal on one end of the bracket, it will be Chelsea against Tottenham Hotspur in the other. The first legs will be the week of Jan. 3 with the second legs a week later.