The Spaniard, who has made six appearances for Brendan Rogers' side since joining from Celta Vigo in the summer, suffered a torn thigh muscle in training on Thursday.
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"Liverpool Football Club today confirmed that Spanish forward Iago Aspas has suffered a torn thigh muscle in training.
"The 26-year-old picked up the injury at Melwood on Thursday and has subsequently been assessed by the Reds' medical staff.
"He is expected to be available for a return by the beginning of December."
Aspas had recently spoken of his desire to force his way back into the Liverpool first team, displaced by on-loan winger Victor Moses, but those plans will have to be put on hold for now.
Brendan Rodgers takes his side to Newcastle on Saturday as the club look to continue their strong start to the season and extend their so far unbeaten league run on the road.
Aspas, however, will play no part in this weekend's fixture and may have to wait for a December 1 return when his side visit Hull City in the league, missing crucial clashes against Arsenal and Everton in the process.