Kewell has been on the sidelines since damaging his ankle on Carling Cup duty in early December, ironically against Bolton.
The Australian has made steady progress over the last three weeks and is set to be thrown into the fray against The Trotters on Friday.
"He wasn't quite ready for the game at the weekend," Houllier said of Kewell. "But he has a good chance of making the Boxing Day game, which is obviously good news for him and the team."
Houllier is under real pressure to turn Liverpool's flagging fortunes around and the return of Kewell will be a real tonic to the Anfield supremo.
The Frenchman feels the return of his key players will result in The Reds climbing the table.
"We just have to keep going until we get the players back," said the Frenchman. "But when they return, I know we will get back to where we should be."
