Gerrard had a precautionary scan after playing 90 minutes for Liverpool against Chelsea on Sunday, amid fears he had suffered medial ligament damage late in the game.
But the scan revealed no damage and Gerrard is available to lead his country in Stockholm and become only the sixth England player to reach a century of caps.
Only Bobby Moore, Peter Shilton, David Beckham, Bobby Charlton and Billy Wright have previously reached the landmark.
A statement from the Football Association read: "Steven Gerrard has been cleared to travel with the England squad to Sweden having undergone a precautionary scan on Monday afternoon.
"The England captain reported to the team hotel following Liverpool's 1-1 draw with Chelsea and, having received positive news, is set to win his 100th cap against Sweden on Wednesday evening in Stockholm."
Manager Roy Hodgson has had to deal with a number of withdrawals prompting late calls for uncapped youngsters Wilfried Zaha and Carl Jenkinson.
Five players, including Wayne Rooney, have pulled out of a trip that has caused consternation among Premier League managers keen to avoid their international stars becoming burned out.