The 30-year-old England midfielder has not played since tearing a hamstring in a November 17 friendly international against France.
Liverpool manager Roy Hodgson said, "It is a big boost to have Gerrard back going into five games in 15 days."
After meeting Blackpool, Liverpool plays Wolverhampton Wanderers, Bolton and Blackburn. It then meets Manchester United in the third round of the FA Cup.
Hodgson added that defender Daniel Agger is also fit after recovering from a calf problem that has kept him out since September.