The Brazil shot stopper picked up a thigh strain playing against Italian side Atalanta in the Champions League, which then saw him miss the Citizens' 3-1 loss to Liverpool just before the international break.
City boss Pep Guardiola was warned the clash at Anfield could risk a lengthier spell out, resulting in understudy Claudio Bravo stepping into the breach.
Ederson, however, has received intensive treatment during the past ten days and has been given permission to take it to another level after returning to lighter training duties on Tuesday.
City's medical staff will certainly be keeping a close eye on the former Benfica keeper during the next 24 hours, and he would undoubtedly improve the champions' chances of gaining three points against Frank Lampard's rapidly-improving young side.
Bravo comes with his own question marks, although Guardiola continues to defend his former Barcelona goalkeeper in the court of public opinion.
Ederson has established himself as one of the best in the world in his position since his £34m arrival from Benfica two years ago.
His outstanding ability with the ball at his feet is arguably "unrivalled" in the game, giving Guardiola's team the ultimate platform to build out from the back against opponents.
The samba ace had kept eight clean sheets in 15 appearances before he limped out at the San Siro, turning in particularly impressive shut-outs in the wins over Everton and Aston Villa.
It is understood Ederson has told members of his circle that he expects to face the Blues but he will still be kept waiting until the last minute on his actual eligibility.
Should he not make the weekend then next Tuesday's home Champions League clash with Shakhtar Donetsk appears his likely comeback date.