And not a moment too soon, with the Reds' next league fixture at home against Manchester United.
Gerrard has now had two appearances, coming off the bench; the latest outing bring a 25 minute spell replacing Charlie Adam in Saturday's Merseyside derby.
Granted that Liverpool have not done badly without their talisman and captain but Kenny Dalglish, the rest of the team and fans will surely be more than happy to see him return.
So what is it that Gerrard brings to the team that makes him so important to the Reds and why does he make a difference?
Steven Gerrard is amongst the most technically proficient players in the Liverpool first team squad.
On the pitch, this technical ability shines through in his touch, passing ability and shooting.
When Gerrard is on the field, it is not because he is the captain, but due to his technical skills that he takes most corners, free-kicks and penalties.
Gerrard's deftness and ability to manipulate the ball from a set-piece are sorely missed when he is not playing. Charlie Adam has deputised in this aspect, and done so well, but it will be Gerrard who will run things from set-pieces and free kicks when he is on the pitch.
Gerrard's first touch is also worth noting and is rarely given a mention but should be. So many of the captains goals from outside the area are shots that are preceded by a superb one touch to move the ball into the position for him to shoot.
And this ultimately contributes to Gerrard's fantastic ability to score from range.
Gerrard has great technical ability and is one of the reasons why he is so important to Liverpool.
Steven Gerrard's tactically awareness is also another feature of his game that is not always on of the list of his talents, but again should be.
Whether it is just being at the right place at the right time, be it to make a timely interception in defense or a late run into the opposition penalty box, Gerrard can do both.
Gerrard has played in just about every position on the pitch and if asked to play there for a while, would probably be able to hold down a first team place in that position.
His tactical awareness on the field has improved the longer he has played and under the two club managers he has served.
Former manager Gerard Houllier gave Gerrard his full Liverpool debut and saw him as a defensive midfielder and also later an attacking one.
Rafa Benitez turned the Liverpool captain into a genuine goalscoring threat and played him as a second striker, as well as a wide midfielder.
All in all, the numerous positions that Gerrard has played in his Liverpool career, to date, have given him a great tactical awareness.
Steven Gerrard made his Liverpool debut on 29 November 1998, when he came on as a late substitute in a game against Blackburn Rovers.
Since then, Gerrard has gone on to make 559 appearances for the Reds and scored 140 goals, in all competitions.
Apart from Jamie Carragher, he is the player with the most Premier League experience in the Liverpool first team squad.
This 14 years of playing for the Reds has given Gerrard a tremendous depth of experience.
The captain has pretty much seen it all before and knows what to do and when to do it; from staring defeat in the final seconds of a cup final, to going in at half time in another with the game all but lost, to cruising to the final whistle from a winning position.
This vast wealth of experience is key to the younger players in the team, from those that have been at the club for many seasons, to those that are just starting their careers as Reds.
The young players who have broken into the first team squad from the Academy see Gerrard as an example of what can they can also go on to accomplish.
Gerrard's vast experience as a Liverpool player and in the Premier League shines through in each game he plays and is of vital importance to the Reds
When a goal is needed and Steven Gerrard is on the pitch for Liverpool, then it is likely that it will be him that scores it.
The string of goals scored by Gerrard at important times for Liverpool reads like a sporting fairy-tale.
These are cup final goals, but there have been countless times in the Premier League where Gerrard has popped up with an equalising goal to save a point, or a winner to take all three.
Important goals for Liverpool and Steven Gerrard can be said in the same breath, such is the importance of the man to the Reds.
It is his love for the club and his overwhelming desire to see it do well that drives Gerrard to the levels he has reached.
His vital and important goals are one of the main reasons why Gerrard makes such a difference to the Reds when he plays.
In October 2003, the then manager Gerard Houllier recognized the leadership qualities of Steven Gerrard and handed him the captain's armband.
In the eight seasons since that moment, there has never been a doubt as to how much the Reds have looked to the inspiration and leadership of their captain.
Gerrard leads by example and expects, no demands, his players to follow.
His "never say die" attitude and demands for more from his players is infectious. After scoring the first goal of the come back that night in Istanbul, his display of desire and drive were there for all his teammates to see; Gerrard was not leaving without a fight. He ultimately left with the trophy.
Gerrard is a true leader and inspires his players to greater heights.
He is a guide to the younger players who have broken through into the first team from the academy and an example of what they can achieve.
Being captain and being the team leader and displaying leadership are different, Gerrard has them all.
Gerrard is the leader and captain of Liverpool Football Club and his importance to the club is immense and the difference he makes, vital.