Croatia defender Lovren and Brazil playmaker Coutinho will also miss Premier League games against Arsenal and Manchester United, manager Juergen Klopp told a news conference on Thursday.
"Phil's [injury] is more serious than Dejan and Kolo but none of these players will be available tomorrow," Klopp said.
"Kolo should be available next week, Dejan will be available after Manchester United. Phil needs one to two weeks longer."
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The German said he would be forced into fielding a makeshift side against Exeter.
"The team that plays tomorrow will want to win this game 100 percent but it will be a team that hasn't played together too often," added Klopp.
"I don't know who will be available. We will train in two hours and see who will play."
Klopp also responded to Sunderland counterpart Sam Allardyce's allegations that the high-intensity pressing strategy he has introduced at Anfield was responsible for the injury crisis.
"I'm glad for Sam, that such an experienced manager has time to think about Liverpool's problems," the German said.
"The problem is that, in this situation, we speak about the intensity of my style. I didn't create this style, how could I? I'm not a genius.
"We try to be successful but you need a little bit of luck, we haven't had this," added Klopp.
(Reporting by Simon Jennings in Bengaluru; Editing by Tony Jimenez)
