The 19-year-old was stretchered off during United's 2-1 win over Arsenal with an ankle injury.
However, Phelan believes that the defender has a chance of featuring at Anfield.
"Phil's character is very good," said Phelan.
"He is disappointed that, over the last few weeks, he seems to have limped around the football field quite a bit.
"But he usually manages to recover, so we're optimistic he can do the same again."
Jones joined the Red Devils in the summer from Blackburn Rovers.