The defender has missed the last two matches, the win at West Brom and a goalless draw at home to Swansea, with a calf problem.
However, the 33-year-old returned to full training this week and is in contention for Sunday's trip to Stamford Bridge.
"Jamie has joined in training over the last couple of days and looked good," first-team coach Steve Clarke told liverpoolfc.tv.
"He was out for a couple of weeks with a minor calf injury.
"We just made sure he took his time, recovered from it, and he's trained well these past couple of days.
"He'll be in contention for the weekend if there are no mishaps between now and the game."
The international break may be disruptive for clubs who lose the majority of their squad to matches all over the world but it has benefited Carragher as the break from domestic action has meant he has not been forced to miss any more games.
And while he had only sat out one match - the Carling Cup second round tie at Exeter - prior to his injury the former England international insists he is taking nothing for granted on his return.
"It's the best time to be injured because you don't miss too many games," he told LFC TV at the weekend.
"It's down to the manager and the coaching staff but once I'm back with the lads I'm back, for the squad, the team or the bench - whatever it may be."