Coutinho, 24, was stretchered off in the 2-0 victory over Sunderland in early December and has since missed six games for Jurgen Klopp's side.
The Reds have almost maintained pace with Premier League leaders Chelsea during the Brazil international's absence, but face a stern examination of their own title credentials when Pep Guardiola's side come to Anfield.
When asked if Coutinho might return in time for that clash, Jurgen Klopp told a press conference on Thursday: "No. He is in a good way, a really good way – I spoke to him a few minutes ago.
"But the City game, for sure, is too early and if the City game is too early then I am pretty sure the Sunderland game is too early, too. That's it."
Matip, meanwhile, has seen his fine first season in English football brought to a halt by injury. The 25-year-old started and completed 11 Premier League matches between August and November, but an ankle injury suffered prior to their meeting with Bournemouth earlier this month arrested that run. Liverpool lost the match at Dean Court 4-3 in his absence.
Matip returned for the 2-2 draw with West Ham but failed to make the squad again for the victories over Burnley, Everton and Stoke City thanks to another knock.
Klopp confirmed the Cameroon international is still struggling with the ankle injury and will not be available on Saturday.
Man City sit just a point behind Liverpool in third place, and can move into second if they leave Merseyside with three points.