However, the former Celtic player knows the Stags "have a job to do" against Lincoln in tomorrow evening's second-round replay at the One Call Stadium before they can dream of facing the Reds.
The tie will added spice for Hutchinson as he spent a season on loan at the Imps from Celtic two years ago.
It is a different scenario to only four years ago, when he came on as a substitute for the Bhoys against Manchester United in the Champions League.
But 25-year-old Hutchinson, who also had a spell at Middlesbrough, is relishing the prospect of a meeting with Brendan Rodgers' side.
He said: "Wednesday is a massive game. To play against Liverpool would be amazing.
"There is a great incentive there to go through. But first we have to do a job against Lincoln."
Only three points separate Mansfield and Lincoln, who drew 3-3 in the first meeting 10 days ago, in the Blue Square Bet Premier Division.
Hutchinson, who scored in Saturday's 4-1 win over Ebbsfleet, added: "I have some history there at Lincoln, so bring it on! We can't wait.
"The fans can be the 12th man on Wednesday. We all know what is at stake."
Lincoln will also go into the game on the back of an impressive win, 4-2 at Dartford with Colin Larkin scoring a hat-trick.
They will also be boosted by the return after suspension of leading scorer Jamie Taylor.
Oxford United manager Chris Wilder is looking to the FA Cup to provide finances to bolster his squad during the January transfer window.
Oxford entertain Accrington in tomorrow's other second-round replay, with the winners away to Sheffield United.
Wilder told BBC Radio Oxford: "It's a big game. It's a big game for the players to get into the third round - and it's a big game financially for both clubs.
"Hopefully progression in the FA Cup will give me a little bit of leeway to progress the squad.
"I'm looking in January to improve. This is money we can potentially use to improve and strengthen the squad.
"We have to make sure our recruitment is right, and make sure we get players in positions to kick us on into the second half of the season, and that all helps with a decent cup run."
The winner of tomorrow's game will pocket £27,000 plus a sizeable chunk of revenue from the clash with the Blades.
Accrington defender Dean Winnard said: "We are obviously not the richest of clubs so they are important games for a club like ours."