Gerrard has already been pencilled in to play in Saturday's Premier League game at Fulham.
The Reds will be without suspended midfielder Javier Mascherano in the fourth-round tie against the Gunners at the Emirates Stadium, while £20million Italy international Alberto Aquilani is named in a first-team squad for the first time since his summer move, having now recovered fully from an ankle operation.
Martin Kelly (ankle) and Albert Riera (hamstring) are out, while defenders Andrea Dossena and Sotirios Kyrgiakos could both figure having recovered from injuries, the latter defying an initial prognosis he could face six months out with a knee injury.
Liverpool (from): Cavalieri, Johnson, Carragher, Agger, Skrtel, Kyrgiakos, Dossena, Degen, Babel, Ngog, Lucas, Aquilani, Plessis, Insua, Aurelio, Voronin, Spearing, Eccleston, Amoo, Torres, Reina.
