Shelvey's form was impressive at Blackpool, where he scored six goals in 10 appearances, and Holloway was left delighted with his impact.
"It is a shame he has had to go back, because Liverpool are playing exceptionally well and I had been hoping that might leave an opportunity for us to keep Jonjo until the end of the season," said the Tangerines' boss.
"All I know is that Jonjo is a fantastic young man who has all sorts of ability. I have no doubts whatsoever he will be a top, top player.
"He is already at a top, top club and he had been helping us try to get back to where we want to get - the Premier League. He has improved in the time he's been here and that pleases me."