Liverpool travel to London to take on Arsenal on Wednesday, aiming to close the gap on Premier League leaders Manchester City.
Goals in the final 15 minutes from Roberto Firmino and Mohamed Salah helped Liverpool beat Inter Milan 2-0.
Thiago has not figured since the win over Newcastle United on December 16 due to a COVID-19 infection and a subsequent knock.
The Spanish playmaker has been an instrumental part of Liverpool's eight-game winning run in all competitions.
Having accumulated 37 points from 16 games, Liverpool are currently sitting second in the Premier League table.
The Reds face their third match in the space of a week when Southampton visit Anfield on Saturday in the Premier League.
The Brazilian goalkeeper wore the armband for Wednesday night’s Champions League victory over FC Porto at Anfield.
The Reds made it five wins from five in Group B after second-half goals from Thiago Alcantara and Mohamed Salah against Porto at Anfield.
The midfielder was restricted to just 30 appearances in all competitions during his first season with the Reds after signing from Bayern Munich.
Thiago sustained a calf issue during last weekend’s Premier League win over Crystal Palace at Anfield and is set to miss Saturday’s trip to Brentford.