Brendan Rodgers' side appeared on course to pip Manchester City to the league title last season, only to then suffer a morale-sapping 2-0 home defeat to Chelsea in April following Steven Gerrard's costly first-half slip that allowed Demba Ba to open the scoring.
Ahead of this season's first meeting between the two sides, Liverpool trail Chelsea by 12 points.
Yet former Arsenal and Manchester City defender Toure, who impressed in Tuesday's 1-0 UEFA Champions League defeat to Real Madrid, is relishing the opportunity to do battle with Jose Mourinho's men.
"They cost us the league, and now we have the chance to beat them – I can't wait for that, honestly," said the Ivorian.
"Is it a chance for payback? Definitely. It's a very important game when you think what they did to us last season."
Chelsea have yet to lose a competitive game this season, dropping their only points in 1-1 away draws with the two Manchester clubs.
Having been part of the Arsenal side that became the only team to complete an unbeaten Premier League season in 2004, Toure has additional motivation this weekend.
"It's a great chance to end any argument about them [Chelsea] being invincibles. But the most important thing is we want to win the game," he added.
"With the squad they have of course they can go through the season unbeaten, but it's not only the quality. It is about mentality.
"Every game is challenging and sometimes things don't go well for you but you need to be able to come back and carry on fighting."
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