City's leading striker has missed their last five games with a hamstring injury but has been back in training for more than a week.
Blues manager Manuel Pellegrini is now hopeful the Argentina international, who has scored 26 goals this season but none since January, will be able to have an impact at Anfield.
Pellegrini said: "Sergio is okay. He has worked the whole week with the squad as normal. He doesn't have any problems."
Liverpool lead the Barclays Premier League heading into the eagerly-anticipated contest with third-placed City four points behind, but with two games in hand.
City have actually fared well in Aguero's absence, winning four and drawing one, but Pellegrini says there is no doubt Aguero has been missed.
The Chilean, speaking at a press conference to preview the game, said: "He is a top player, he is a player that is very difficult for the other defences to stop him. Of course he is very important for us.
"We always miss important players such as Sergio Aguero, but we have had a lot of other players injured during the year and the squad has had a good answer. We have a squad prepared to not depend on just one player."