The Brazilian playmaker has been out of action for around six weeks after undergoing surgery on a shoulder injury he picked up in the 2-2 draw at Swansea City in September.
|4/1||Philippe Coutinho is 4/1 with William Hill to score v Arsenal|
However, the trip to the Emirates Stadium is likely to come too soon for left-back Jose Enrique, who continues to struggle with a knee problem.
"Jose will be a question mark for the weekend, but Coutinho looks great," Rodgers told reporters.
"He's been given the all clear by the specialist to come in. He’s been training for the last few weeks, so he’ll be back into the squad."