Alonso suffered bruising after being the victim of a vicious challenge that earned Newcastle midfielder Joey Barton a red card during last week’s meeting between the two teams at Anfield.
The injury put him out of Saturday’s 0-3 victory at West Ham, but the Spaniard appears to have made a good recovery now.
Benitez revealed, “Xabi was jogging today so if he progresses normally for the rest of the week I think he will be available for the weekend.
“Xabi is a key player for us in the middle. It could have been a lot worse so I am really pleased to see him back after just one week.”
Liverpool have to hope for title rivals Manchester United to slip-up against both Wigan Athletic tonight, and Arsenal on Saturday to have any chance of snatching the league from them when they face the Baggies on Sunday afternoon.