Gerrard sat out Liverpool's 4-0 Premier League victory over Blackburn Rovers on Saturday wih a groin injury but Benitez is hopeful he can return as Liverpool attempt to overturn a 3-1 deficit at Stamford Bridge.
"He is better but he is still working with the physios," Benitez told Sky Sports on Monday. "He will have one more day of training and then after we will see how he feels.
"It makes a difference if we play with him. Clearly we need him, he is a key player for us. Everything can change if he can play and if he plays well. We will talk with the doctor and with him before the game.
"It is not a massive risk but there is a small one because you could lose the player for 10-15 days and that would be bad."
LIVERPOOL FANS! Check FourFourTwo.com’s ever-expandinginterviewsarchive for more stuff to read:
Web Exclusives Ian Rush, Craig Johnston
Q&A Steven Gerrard, Fernando Torres
One on One Michael Owen, Nicolas Anelka, Kevin Keegan
Boy's A Bit Special Danny Guthrie
Ask A Silly Question John Barnes, Peter Crouch, Luis Garcia, John Aldridge
Perfect XI Jamie Carragher
What Happened Next? Julian Dicks
And Another Thing Being a Big Four fan
Plus! Rate Liverpool players (and others) on Talentspotter
