Munoz, who scored two goals during the group stage, was shown two yellow cards in the first half of Colombia's 1-0 semi-final win over Uruguay on Thursday, and the Crystal Palace right-back will subsequently miss the final through suspension.
Santiago Arias was brought on by head coach Nestor Lorenzo to play at right-back against Uruguay following Munoz's dismissal, and the 58-cap defender is expected to deputise on the right side of a back four against Argentina, starting next to Davinson Sanchez, Carlos Cuesta and Johan Mojica.
Jefferson Lerma scored the decisive goal in Colombia's semi-final win and is expected to link arms with Richard Rios in centre-midfield, with Mateus Uribe providing cover on the substitutes' bench.
One of the standout performers at this summer's Copa America has been Colombia captain James Rodriguez, who has registered a record six assists in five games and is set to continue pulling the strings in the number 10 role, with Liverpool's Luis Diaz and Fluminense's Jhon Arias occupying the flanks.
Jhon Cordoba has contributed to four goals (two goals, two assists) in as many starts en route to the final and will likely retain his place up front, fending off competition from Aston Villa's Jhon Duran and ex-Eintracht Frankfurt striker Rafael Santos Borre.
Colombia possible starting lineup: Vargas; S. Arias, Sanchez, Cuesta, Mojica; Rios, Lerma; J. Arias, Rodriguez, Diaz; Cordoba