The 20-year-old has not featured for the Toffees since picking up a toe injury in the 4-0 win over Queens Park Rangers on January 4.
Barkley will undergo a late fitness test ahead of the Anfield clash and may receive a pain-relieving injection if he is involved.
"He might have an injection because the injury will allow that, but what we can't afford is to lose him for a longer period," Martinez explained.
"So it is a possibility he could have an injection but, it's a blessing not losing him for a longer period. It is a possibility.
"I could take a measured gamble knowing some players will be back in a few days, like Gerard Delofeu, who will be back on February 1."
Barkley played the full 90 minutes in the season's first Merseyside derby, which was a 3-3 draw at Goodison Park in November.