The Red’s were defeated in the League Cup final against City on Sunday and host Manuel Pellegrini’s at Anfild at 20:00 (GMT).
The opening 90 minutes ended in a 1-1 draw with Fernandinho opening the scoring with City before Coutinho scored a late equaliser for the Reds.
The shoot out could not have started better for the Reds. Emre Can stepped up and scored a cheeky panenka while City missed their first spot kick.
Liverpool went onto miss all their remaining penalties while City converted all of theirs to win the cup.
Can is once again set to be deployed in midfield alongside James Milner and club captain Jordan Henderson.
Liverpool boss Jurgen Klopp revealed in the press conference that Lucas Leiva, Daniel Sturridge and Mamadou Sakho could all miss out through injuries.
Liverpool v Manchester City
Kick-Off: 20:00 (GMT)
Liverpool probable starting lineup: Mignolet, Clyne, Toure, Lovren, Moreno, Milner, Can, Henderson., Coutinho, Firmino, Origi
Manchester City probable starting lineup: Hart, Clichy, Kompany, Otamendi, Sagna, Toure, Fernando, Sterling, Silva, Navas, Aguero