The glamour model made the comparison to the eight times-divorced screen legend when discussing her engagement to Leandro Penna, who will be her third husband.
"I've finally given in to Leandro's Latino charm and said yes to his proposal of marriage," she told OK. "I was watching a programme about Liz Taylor recently and thought how similar we are, falling in love so fast and so deep.
"If life isn't for living and loving, then what's it for? And anyway, three is a lucky number."
Price met Penna at Sir Elton John's Oscar party in February last year, but they split in October. They reunited in February after the male model returned to the UK from his native Argentina.
Price married first husband Peter Andre in 2005 and divorced him in 2008. She wed cage fighter Alex Reid twice in 2010 and separated from him after a 14-month union. They were granted a divorce in March this year.