Despite finding target in the Foxes’ 4-0 League Cup triumph at Luton Town, the 23-year-old was an unused substitute against Newcastle United.
Brendan Rodgers’ men face the Reds at Anfield, with no place for the Nigeria international in the 18-man squad.
However, compatriot Wilfred Ndidi has been handed a starter’s role and will hold sway in the middle, while James Maddison returns to the starting XI.
Since leaving Manchester City in 2017, Iheanacho has struggled for playing time at the King Power Stadium.
Leicester are in third place on the English top-flight log.