The clash between arguably the best two in the English top flight will take place at Leicester City's King Power Stadium, with kick-off at 5pm (BST).
Both will be looking to claim the first piece of silverware up for grabs in the traditional curtain-raiser ahead of the new Premier League season, which begins on August 5.
Liverpool boss Jurgen Klopp has confirmed Adrian will start between the sticks for his side, with both Alisson and Caoimhin Kelleher sidelined with knocks, but that enforced change could be the only alteration to the German's first choice XI.
Diogo Jota will also miss the clash, having picked up a hamstring injury at the start of pre-season.
Kostas Tsimikas and Alex Oxlade-Chamberlain also join the striker on the treatment table.
"Ali [Alisson Becker] trained today more than the day before, so he will definitely be available for Fulham, but not for the weekend," said Klopp in his pre-match press conference.
"Diogo [Jota] is not here with us so how could he play a football game? It will take a while, unfortunately."
Darwin Nunez, meanwhile, is expected to make his debut on English soil as the Uruguayan prepares to do battle with Erling Haaland.
The Reds are likely to start with skipper Jordan Henderson in the middle alongside Fabinho and Thiago Alcantara, although Naby Keita and Curtis Jones are alternatives.
Liverpool have been crowned outright winners of the Community Shield on ten occasions - sharing the honour in another five seasons - but not since 2006 have the Reds got their hands on that particular piece of silverware.
How Liverpool could look against Man City:
Opponents Man City will be without Aymeric Laporte after Guardiola confirmed the centre-back is sidelined until at least September due to injury.
"Laporte is injured. He had surgery after the last few games, he made an incredible effort," Guardiola told reporters.
"He had surgery, he's doing incredibly well, you have to do careful. It's his knee, he might be out until September."
His set-back means John Stones is likely to start alongside Ruben Dias, in favour of Nathan Ake, who remains at the club despite recent links with a return to Chelsea.
Joao Cancelo, who recently picked up the No.7 shirt, following Raheem Sterling's move to Chelsea, is expected to start at left-back.
Rodri could be preferred to Kalvin Phillips in the defensive midfield role, and the usual creative duo of Kevin de Bruyne and Bernardo Silva are likely to feature either side of the Spaniard.
How Man City could line up against Liverpool:
Erling Haaland could start up front as the main forward, with Jack Grealish and Riyad Mahrez partnering him from the left and right wings, respectively.
Former Man City forward Trevor Sinclair believes the 22-year-old Norwegian goalmachine will be given his bow on Saturday.
"I can't see him not starting, it's a curtain raiser, a showcase game, you want your top players starting," he told talkSPORT.
"He looks sharp and has had a good few weeks under his belt to get extra fitness work in, and also getting used to Pep Guardiola's style of play.
"It will be difficult for Haaland to grasp something's under Guardiola, but top players find a way."
Tune into talkSPORT for LIVE commentary of Man City vs Liverpool in the Community Sheild, Saturday July 30, Kick off: 5pm