The duo started the midweek Champions League defeat by Real Madrid on the bench but will both feature against the Blues.
The inclusion of Balotelli and Gerrard marks two of seven changes from the side which lost to Los Blancos.
Meanwhile, Ramires is back for Chelsea, and striker Diego Costa gets the nod to start up front for Jose Mourinho’s men.
Liverpool: Mignolet; Johnson, Skrtel, Lovren, Moreno: Can, Henderson, Gerrard; Coutinho, Sterling, Balotelli.
Substitutes: Jones, Toure, Allen, Lucas, Lallana, Lambert, Borini.
Chelsea: Courtois; Ivanovic, Cahill, Terry, Azpilicueta; Matic, Fabregas; Ramires, Oscar, Hazard; Costa.
Substitutes: Cech, Zouma, Filipe Luis, Mikel, Willian, Remy, Drogba.
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