The Reds captain came off in the first half of the 3-2 friendly defeat to the Dutch.
Gerrard had played 120 minutes in the Carling Cup triumph over Cardiff on Sunday and was back at Wembley a little over 72 hours later.
He was named in England's starting line-up but lasted just 32 minutes before coming off complaining of a hamstring problem.
Liverpool have yet to assess the extent of the problem, but manager Kenny Dalglish said: "If I don't know what it is, I can't tell you whether there is every chance or no chance (of Gerrard facing Arsenal). So rather than speculate it's best for us to just wait and see what the medical people have to say once they've seen him."
Daniel Agger does miss out on a game between two sides aiming for a top-four finish though as he has a fractured rib and is out for a few weeks.