The Anfield skipper has not featured since the 4-1 win over West Ham on 7 December because of a hamstring injury but is nearing a return to competitive action.
Jordan Henderson is also expected to be in the squad for the game against Steve Bruce's men, but Joe Allen (abductor) and Mamadou Sakho (hamstring) will not be involved.
Manager Brendan Rodgers told the club's official website: "Joe will probably be out for a few weeks with an abductor strain.
"Sakho, we're just waiting for confirmation on his hamstring strain. Glen Johnson came off at Chelsea, but that was tactical and wasn't injury enforced.
"There were one or two other niggles that we'll just assess in the next 24 hours.
"Steven has joined back in training, so we'll see how he is for Hull, and I would think that probably by the Stoke game on 12 January, we'll have a number of the others who'll not be too far away.
"But certainly for the Hull game we'll have to rely on more or less what we had.
"Jordan Henderson is fine. He's on his first day of recovery today. He's still sore, but he's a real solider and should be fine."
Liverpool's momentum in recent weeks has been disrupted by the loss of several players to injury, including Gerrard, Daniel Sturridge, Jose Enrique and Jon Flanagan.
Rodgers added: "It's just been unfortunate. The medical team aligned with our training philosophy have meant the players have been fit for the majority of the time I've been here.
"It's just really in this last period of four or five weeks, which have unfortunately dealt us a big blow in the squad."