Torres fit for derby, Kuyt out for month
Torres, who has struggled for form in a dismal start to the season for the Premier League club, injured his thigh in the league defeat to Blackpool on October 3, but will return to the starting line-up alongside left back Paul Konchesky.
"Konchesky has made a good recovery as has Fernando Torres so all being well we can welcome those two back," Hodgson said on the club website.
"We get two good ones back, but lose a good one in Kuyt."
The Dutch forward injured his ankle when he landed awkwardly in the Netherlands' 4-1 victory over Sweden on Tuesday.
"The initial rumours coming out of Holland were that it was going to be a really long injury, maybe months," Hodgson added.
"But our doctor and our sports science people are much more optimistic. They think it is more likely to be one month - or if we are lucky three weeks."
Liverpool are third from bottom in the league with six points from seven games.