The Wales international forward played for Blackburn Rovers Ladies in the FA Women’s Championship last season, scoring five goals.
Walters spent much of pre-season with the Reds and has now earned herself a spot in Matt Beard's squad.
Beard said: “Georgia played in a number of our pre-season games and did well.
“She offers something different to the centre-forwards we’ve got at the club. She’s got a lot of experience as well and we’ll just see what happens from here.”
Walters will be a part of the Liverpool squad that travels to Watford for Saturday's Championship match at Vicarage Road.