The Italy international has been a regular feature in Liverpool's preseason tour of the USA and he's previously stated his desire for a 'fresh start' under Iraola.
The 28-year-old struggled to nail down a regular starting place under former head coach Arne Slot, as he started just one of his 26 Premier League appearances last season, scoring two goals and providing one assist across 318 minutes.
Reds fans are hopeful the change of manager can ignite Chiesa to his old level as seen in Serie A and for the Italian national side in previous years.
Reports from the Liverpool Echo indicate Atletico Madrid had expressed an interest in a possible summer offer - alongside several clubs back in Italy - but that was rebuffed as Chiesa and Iraola have agreed to try and inspire each other in 2026/27.
Liverpool have travelled back to the UK for three more friendlies at Anfield ahead of the Premier League campaign start and they will take on Borussia Dortmund and Como (twice) on Merseyside.