Balotelli in contention to face Tottenham
The Italy striker joined the Merseyside club from Milan on Monday, but was not signed in time to feature in the 3-1 defeat against his former club Manchester City later that day.
Liverpool manager Rodgers, however, is preparing to unleash Balotelli on Tottenham in a mouth-watering Premier League clash at White Hart Lane.
"I think by the weekend [he'll be ready to play]," he told the club's official website.
"He's been into pre-season and he's played three 45-minute games. He might not be up to full match speed, but he's looking fit.
"We've done some analysis on him. The medical and sports science team have worked with him already and he's in very, very good condition.
"He's in to work and he'll be available for the squad for the weekend."
Former Liverpool striker John Aldridge believes Balotelli could become an "iconic" figure at Anfield.
He told the club's official website: "He provides another option and we've got a lot of games this season, so Brendan has plenty of options now.
"The manager will have a plan. It could be Balotelli going through the middle with Daniel [Sturridge] playing off him or out wide, as he did to great effect last season.
"He could be phenomenal and he's the type of player who will be endearing to the fans. He could be iconic."