However, 17-year-old forward Rio Ngumoha has made the cut.
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Chiesa has been a substitute for each of the Reds' first three Premier League games. Ngumoha proved the matchwinner at Newcastle United last week.
In the Champions League, clubs are allowed to submit a squad of up to 25 A-list players and an unlimited number of B-list players.
At least eight places in the A list must be reserved for homegrown or 'locally trained' players.