The Brazilian has recovered from a shoulder injury just in time to line-up for Brendan Rodgers' side at the Emirates in a top-of-the-table clash.
21-year-old Coutinho was flourishing in the number 10 role before his lay-off and it remains to be seen how well he will fit in alongside Luis Suarez who has since served his suspension.
However, it gives Liverpool boss Rodgers a good problem to have, and he confirmed Coutinho will definitely be involved this weekend.
"Coutinho is great," Rodgers told the club's official website.
"He's been given the all clear by the specialist to come in.
"He's been training for the last few weeks, so he'll come back into the squad."
Liverpool currently sit third in the league, although a win at the Emirates could take them top.
They could, however, be missing Spanish left-back Jose Enrique.
"Jose will be a question mark for the weekend," Rodgers confirmed, although with Aly Cissokho in good form he may not have started anyway.
The game will also be notable given Luis Suarez's potential transfer to Arsenal.
The Gunners openly pursued the Uruguayan throughout the summer but Liverpool refused to sell.
Meanwhile, Arsene Wenger be without Mathieu Flamini who would have kept a close eye on the returning Coutinho.