Mascherano, 24, became a crucial player for the Reds as they reached the UEFA Champions League semi-finals last season.
Mascherano, who has been included in Argentina's Under 23 squad as an over-age player, will now be missing for up to a month from late July.
It means Mascherano will be absent for both legs of the Champions League third round qualifier on 12th and 27th August.
Liverpool youngster Emiliano Insua, who signed a new long-term contract with the Reds on Wednesday, will remain on Argentina's standby list.