Jurgen Klopp's men encounter another tough hurdle in the bid to be crowned champions when top-four hopefuls Chelsea arrive at Anfield on Monday (NZST).
The pressure will build if second-placed City, who trail by two points but have a game in hand, win away to Crystal Palace prior to kick-off on Merseyside.
It will be a considerable test of nerve but defender Alexander-Arnold, the youngest member of the Reds' first-team, is at ease.
"[We've got] five games left now and just a month left," the England said.
"It's exciting to think that no-one knows how it's going to end up and it's all going to be done in a month's time.
"It's exciting and fun.
"Obviously me and the lads will give everything to try and make it as successful and good a day as possible on the 12th.
"[It's] a massive game on the weekend, it's one that everyone is looking forward to."
Liverpool returned to the top of the table with a 3-1 win at Southampton in their last Premier League fixture and are unbeaten in all competitions since losing to Wolves in the FA Cup on January 7.