There were rumors saying that the Portuguese winger would shrug off his persistent injury problems and feature against Catania in the Serie A on Sunday.
However, Mancini said Figo is yet to fully recover.
"Luis is absolutely not ready to play in Catania and it is difficult to think he could face Liverpool either," Mancini was quoted as saying by Calcio Italia.
"On Wednesday he played against Romanian team Brasov, but showed he still has some difficulties. I thought he was ready, but that is not the case.
"There are another 12 days to make the step up, we’ll see how he does over the week," the Italian tactician added.
Serie A holders Inter take on European runners-up Liverpool in the first-leg of the Champions League round of 16 on February 19th.