A scan on Thursday revealed the midfielder has a hairline fracture of his big toe but Rafa Benitez is prepared to push his player to the limit to face the Blues on Sunday.
Benitez has made it clear Gerrard's presence is worth the "little risk".
"We have confidence he will be available for the weekend; then he must rest.
?We must manage the risk, and he will play against Chelsea," the Reds boss said.
"But if he trains and plays more games after that it will be a bigger risk. We know you cannot push a player too much; for one game it is okay - for more it is a risk.
"He will want to play every game, every minute. He will want to play against Chelsea.
"It is a really important game; we are at home and we want to continue our good start against them, because they are a really top side.
"If you can beat a top side things get much better. Our away results and those against top sides were not so good last season, and we know we have to improve.
"If we can beat Chelsea it will be a boost for everybody. We have confidence we can win and we hope we will do."
Benitez confirmed: "Steven has a hairline fracture in his toe. He will be available for the weekend.
"The injury is not really serious, but is something we need to be careful with.
"He will have an injection so he can play without pain. I have talked to Steven and the doctor - it is not a big risk.
"Afterwards he will have a rest - maybe one or two weeks. It will stop him joining up with England.
"I will talk to Steve McClaren, but I am sure he will understand."