Spearing has been out since January 11 with a hamstring problem.
Dalglish told liverpoolfc.tv: "We've not trained yet. We expect Jay to be fine. He could have been involved on Saturday but we gave him an extra couple of days. I think he should be fine so we might have him.
"We go to Wolves, it's going to be difficult and we've got the players training later on today before we can work out what we've got.
"Some of them have been more involved than others so we just have to check and see how people are before we decide what we're going to do."