The 19-year-old scored six times in nine npower Championship appearances, including a hat-trick in the 5-0 thrashing of Leeds earlier this month.
However a knee injury suffered by Liverpool midfielder Lucas in Tuesday night's 2-0 Carling Cup defeat of Chelsea has resulted in the Anfield club activating the immediate recall clause in Shelvey's loan agreement.
"Obviously this is a setback to us as Jonjo has done ever so well in his short time with us," Seasiders manager Ian Holloway told the club`s website, blackpoolfc.co.uk.
"We knew that Liverpool had the recall option on him and it is only the unfortunate injury to Lucas that has prompted them to take this course of action."
Holloway has not ruled out a return to Tangerine colours for Shelvey, and he added: "We will be in regular contact with Liverpool about trying to bring him back in January should Liverpool`s injuries clear up."