The 25-year-old suffered multiple ligament damage against Roma in last April's Champions League semi-final first leg and has been sidelined ever since.
Oxlade-Chamberlain underwent a successful knee surgery in May and was due to miss the entirety of the 2018/19 season. However, he has made huge progress in recent months and is set to be back in the fold sooner than initially expected.
The midfielder travelled with the rest of the squad to Dubai for a mid-season training camp this week, and has been involved in outdoor sessions with the ball for the first time since his injury.
According to the Echo, he should be back training with the rest of the squad by mid to late February, making a possible return to the side in March.
Liverpool manager Jurgen Klopp is likely to include Oxlade-Chamberlain in the Reds' Champions League squad for the knockout stages, which will be submitted to UEFA at the end of this month.
The return of the former Arsenal man is highly anticipated after he grew to become an integral part of Liverpool's side during his first season last year.
He could feature in the second-leg of Liverpool's last-16 tie against Bayern Munich at the Allianz Arena on 13th March, which would be a big boost to the Reds.
Games Oxlade-Chamberlain Could Return For
Burnley (PL, H) - 9th March
Bayern Munich (CL, A) - 13th March
Fulham (PL, A) - 16th March
Tottenham (PL, H) - 30th March
Southampton (PL, A) - 6th April
Chelsea (PL, H) - 13th April
Cardiff (PL, A) - 20th April
Huddersfield (PL, H) - 27th April
Newcastle (PL, A) - 4th May
Wolves (PL, H) - 12th May