The England midfielder, 29, was expected to be sidelined for at least two weeks after being injured in the FA Cup loss to Reading on January 13.
However, he returned to training over the weekend and could play at Molineux.
"He was training on Saturday and on Sunday, and Monday was the same," said Liverpool manager Rafael Benitez.
"Normally he's someone who, if available, can play. We'll decide on Tuesday but I think he can be available."
Have your say on Liverpool's injuries
Gerrard's return would be hugely welcomed by Benitez who is already without striker Fernando Torres (knee) and midfielder Yossi Benayoun (rib).
Liverpool are currently sixth in the Premier League table but are just one point off moving into the top four.
Source: BBC Sport
Source: BBC Sport