The Brazilian was forced off in the second half after fouling Reds striker Darwin Nunez with a late challenge inside the penalty area.
After receiving treatment, Ederson stood between the sticks as Alexis Mac Allister scored the resulting spot kick to cancel out John Stones's first-half opener.
Ederson initially tried to play on, but he was in notable discomfort and eventually limped off in the 56th minute to be replaced by Stefan Ortega.
After the match, Man City manager Pep Guardiola acknowledged that he was unaware of the severity of Ederson's injury, but admitted that it «doesn't look good».
Ederson has since undergone examinations and according to multiple reports, including BBC Sport, the goalkeeper will be sidelined for up to four weeks with a muscle injury.
The 30-year-old will therefore miss Man City's FA Cup quarter-final clash against Newcastle United at the Etihad Stadium on Saturday evening.
Ederson has also emerged as a major doubt for the Citizens' next Premier League home game against title rivals and current league leaders Arsenal on March 31.
A top-flight fixture at home against top-four hopefuls Aston Villa follows on April 3, before Man City travel to Selhurst Park to face Crystal Palace three days later.
Furthermore, Man City are said to have informed the Brazilian FA that the shot-stopper has started his rehabilitation process and will be unavailable for international duty.
Brazil are scheduled to face England in a friendly fixture at Wembley Stadium on March 23, before travelling to the Santiago Bernabeu to take on Spain three days later.
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