The club captain has recovered from a hamstring problem and may start for Brendan Rodgers' men as they face the side that dumped the out of the competition last year
The League One side pulled off a stunning 3-2 victory at Boundary Park to dump Brendan Rodgers' side out of the FA Cup in the fourth round last January.
Premier League high-flyers Liverpool also faced Oldham in a Lancashire derby the previous season and had no such trouble at Anfield as they coasted to a 5-1 victory.
The two sides will meet for a third consecutive season in the famous competition this weekend and it would be a major surprise if Liverpool were unable to progress to the fourth round on home soil.
|15/2||Liverpool are 15/2 with Betway to win the FA Cup|
Rodgers' charges have made Anfield a fortress this season, winning nine of their 10 Premier League games at home and scoring 27 goals in the process.
Liverpool have won the FA Cup seven times, but last lifted the trophy in 2006 and assistant manager Colin Pascoe is determined to end their wait for more Cup glory.
He told reporters: "The FA Cup is a special trophy. We'll assess if everyone is fit, and pick a team that will go out to win the game.
"The youngsters have trained well and I'm sure they'll be ready if they're called upon, but we're looking for a good performance.
"For a club like Liverpool, who want to win trophies, the FA Cup is a fantastic trophy. We've won it seven times, we want to make it eight."
Pascoe confirmed that captain Steven Gerrard (hamstring) could return to the starting line-up after make his return from the substitutes' bench against Hull City on New Year's Day.
Daniel Sturridge (ankle), Jon Flanagan (hamstring) and Joe Allen (abductor) are expected to be back in training in the next two weeks.
Rodgers is expected to make changes, with the likes of Iago Aspas and Luis Alberto hoping to be given a chance from the start.
Oldham manager Lee Johnson added three new signings to his squad ahead of the match.
Defender Adam Lockwood and midfielders David Worrall and Gary Harkins could make their debuts in the third-round tie.
Oldham are languishing in 19th place in the third tier following a run of six league games without a win.