Mane is yet to recover from a knock he received in Sunday’s 2-1 Premier League win at Chelsea, which resulted in a dead leg, while Shaqiri injured his calf during a training session.
Liverpool will be without injured forwards Sadio Mane and Xherdan Shaqiri for Wednesday's third round League Cup tie at MK Dons, the club's assistant manager Pepijn Lijnders confirmed on Tuesday.
Mane is yet to recover from a knock he received in Sunday's 2-1 Premier League win at Chelsea, which resulted in a dead leg, while Shaqiri injured his calf during a training session.
With four league goals, Mane is Liverpool's top goal scorer this season alongside Mohamed Salah while Shaqiri is yet to start a game for the Anfield club this season.
"Yesterday, towards the end of training, Shaq felt his calf stiffen up a little bit," Lijnders told the club's website. "He couldn't continue and a scan showed he had a little tear there.
"We need to wait a couple of days, but for sure he is not in contention for tomorrow. He needs some rest, so he will not be involved.
"Sadio has a knock, of course, but he looks good. With having today off and having treatment tomorrow, I think on Thursday he will be back in training again, so that looks all good."
Goalkeeper Alisson Becker and striker Divock Origi continue to remain sidelined with calf and ankle injuries, respectively, and will not be available for the match against the third-tier outfit.
"Ali is on his way back," Lijnders added. "But as we know with calf injuries you have to be careful, especially if you see how strong and big he is and how much weight he puts through his calves when he has to make these speed reactions.
"Divock is in the right way and has already been on the pitch, but not with the team yet so that's his next step. Hopefully that comes quickly."