Markovic was withdrawn just 26 minutes into his country's 1-1 Euro 2016 qualifying draw with Armenia on Saturday.
Reports had suggested that the 20-year-old had suffered a muscular problem that could keep him out for up to three weeks. Such a lay-off would have ruled Markovic out of Serbia's home fixture with Albania on Tuesday, as well as several Liverpool matches - including their Champions League meeting with Real Madrid.
However, the former Benfica man has declared himself fit for Tuesday's game in Belgrade.
Posting on his official Facebook page, Markovic wrote: "I'm ready for the match [on Tuesday]! Injury is not as bad as it seemed at first sight."
The news is sure to come as a relief to Liverpool boss Brendan Rodgers, who has already seen players such as Daniel Sturridge, Joe Allen and Dejan Lovren suffer injuries while on international duty this season.
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