Milner picked up a knock whilst Lovren replaces Matip in a purely tactical move.
Lorius Karius remain in goal whilst Trent Alexander-Arnold and Andrew Robertson keep their places at full-back, with Virgil Van Dijk partnering Lovren.
Henderson joins Emre Can and Alex Oxlade-Chamberlain in a midfield three between the forward line of Sadio Mane, Mo Salah and Roberto Firmino.
The Reds are looking to extend their unbeaten run against the Magpies which currently stands at 21 games at Anfield, with the visitors last winning in April of 1994.
Benitez makes changes
Following that draw at The Vitality Stadium, Magpies boss Rafa Benitez has made a handful of changes - seemingly setting his team up to have speed and looking to play on the counter-attack.
Jonjo Shelvey isn't fit to face his former club after damaging his knee against Bournemouth last time out. Though the injury is not believed to be serious, he misses the trip to Anfield and will be assessed further.
Martin Dubravka remains between the sticks whilst the backline in front of him remains the same with Benitez naming an unchanged defence.
In midfield, Jacob Murphy and Mikel Merino replace Shelvey and Matt Ritchie.
Dwight Gayle, following his two-goal heroics over Bournemouth, remains up top whilst supported by the incoming Christian Atsu.
The forward departed the win over the Cherries with a knock but has been passed fit enough to start up front at Anfield.
Full Team News
Liverpool: Karius, Alexander-Arnold, Lovren, Van Dijk, Robertson, Henderson, Can, Oxlade-Chamberlian, Mane, Salah, Firmino
Liverpool Subs: Mignolet, Gomez, Moreno, Milner, Matip, Lallana, Solanke
Newcastle: Dubravka, Yedlin, Lascelles, Lejeune, Dummett, Murphy, Diame, Merino, Kenedy, Atsu, Gayle
Newcastle Subs: Darlow, Clark, Manquillo, Hayden, Ritchie, Perez, Joselu