The pair had been racing to recover from injuries after their goalless first leg draw at Anfield last month.
"Alaba took part in training yesterday, not the whole training," Kovac said. "We will have the final training today and I think he will be starting. He is mentally and physically fit to help the team."
French winger Coman, who had nursed a hamstring injury, has also recovered but it is not yet clear whether he will start.
"Coman is fit for tomorrow. Whether it is good enough for him to start we will have to see, but he is, in any case, an option," Kovac added.
Bayern, who will be without suspended Joshua Kimmich, took over at the top of the Bundesliga from Borussia Dortmund with a 6-0 demolition of VfL Wolfsburg on Saturday for their 12th win in the last 13 league games.
They are in fine form and Kovac said he did not expect another goalless draw against the English side.
"We know they are strong in defence. With Virgil van Dijk coming back Liverpool will be even stronger in defence but we can score goals. We have shown that in the Bundesliga," he said.
"Tomorrow there won't be a 0-0. We want to win it and that is how we will approach the game. You cannot rely twice on a goalless draw to advance."
Bayern may have been scoring lots of goals lately but they have also been wasteful up front, the Croat said, hoping his team will improve their finishing in front of a fiery home crowd.
"What we need to improve is our efficiency up front. I am confident that tomorrow at home with the support of our fans that we will be even more efficient in attack and create more opportunities," Kovac said.
(Reporting by Karolos Grohmann; Editing by Christian Radnedge)
