Coutinho is currently sidelined with an ankle ligament injury.
The Brazilian was stretchered off during last month's win over Sunderland with an ankle ligament injury, which came as a blow following an excellent start to the season.
Coutinho told liverpoolfc.com: "This is still my hope - to return for this game.
"The rehab is going really well. I can now walk without crutches and I am working well with the medical team. So I'm pleased with how I am recovering."
It would be a major boost for the Reds who have looked a little short on resources in the final third since the Brazilian has been absent, although it has not stopped them scoring goals as Divock Origi has managed to score four from his last four appearances.
However, Coutinho being sidelined, along with Daniel Sturridge, means that it is harder for manager Jurgen Klopp to keep his forward line fresh as they embark on the hectic fixture schedule.
Before the Brazilian would even be considered for selection again, like any other player he would have to prove to Klopp on the training field that he would be fit enough to participate, especially in a game that is likely to be extremely intense.
Coutinho also has a decent habit of regularly finding the net against Manchester City, which will be another reason on a long list as to why Liverpool fans will want to see him back in the starting line-up very soon.