Newcastle will host the first leg on Tuesday at St James' Park in good form, though with Howe's squad also hit heavily by injuries.
The latest setback is Tino Livramento, with the Magpies boss confirming this morning that the wing-back suffered a hamstring injury during the FA Cup win against Bournemouth.
"No major update. He will be having a scan today to understand the extent of the damage to his hamstring," Howe said.
Newcastle needed penalties to defeat Bournemouth, and Howe believes the workload will be something to consider when he selects his team tomorrow.
"I will have discussions with the medical team, (and) the players themselves, because physical levels are going to be very important in this game. It wasn't ideal playing 120 minutes, but we wanted to win the game and whatever we needed to do to get through."
Manchester City threat
Meanwhile, on facing Manchester City over two legs, Howe conceded it might be easier to meet the Citizens in a one-off tie.
He continued: "The natural preference is for the home game to be the second leg, but it's not like that this time. We need to use the home crowd to our advantage in the first game to try to impose ourselves on the tie.
"We really enjoyed the two-legged semi-final last year, but this is going to be a totally different challenge. Man City are the hardest team in the country to play over two legs. We will have to be at our best to get through."
Howe also said of City: "They are a difficult team to prepare for because they change and tinker a lot with the tactical setup they have. Difficult team to read, but we will have our plans in place, and our priority is always ourselves, what we can do and how we can hurt them. It is important in the home game that we are ourselves."
Harvey Barnes
Howe was happy to talk up winger Harvey Barnes. For many, Barnes is the in-form player of the Premier League after a string of outstanding performances.
"Harvey is in great form. He is red hot in front of goal. Really pleased with Anthony's (Gordon) contribution, too. It was his cross for Harvey's header and his pass for Sandro Tonali to win the penalty," his manager said.
"With Jacob Murphy and Anthony Elanga close to returning, we will hopefully be back at full firepower very soon."
On the prospect of Aaron Ramsdale replacing Nick Pope in goal for the Cup tie, Howe was coy.
"We will see, we will make a decision on that. I am very happy with both goalkeepers. I thought it was a really nice moment for Aaron on Saturday," he stated.
"He had quite a bit to do in the game, and I thought he did really well. Big penalty saves, big moment, and I am sure that will endear him to everyone connected with the club.
"I think he enjoys those big battles, so I was delighted for him personally, and I think Nick has come back into the team and done really well.
"I think we have real strength in depth and two great professionals holding such a key position."
Market plans
Before signing off, Howe was also asked for an update on Newcastle's market plans this month.
After the Cup victory over Bournemouth, Howe admitted they needed to strengthen their defensive options, particularly after Tino Livramento's injury.
"Regarding transfers, everybody is really supportive," he said.
"I think the problem for us is PSR. I don't think there is any issue with anyone saying we can't do this and we can't do that. It's more about what we can do, not what we can't do.
The key thing for us to consider is business now versus business in the summer. It's value for money now, value for money in the summer, and signing the right player. If you sign the wrong player now, you are carrying that for a three, four or five-year contract.
"Are the right players available in January? There is a lot to discuss and a lot to consider for our short-term needs and long-term decisions for the football club."