Heskey, 37, returned to English football in December when he signed a short-term deal with Neil Lennon’s side and heads back to Anfield in the FA Cup fourt-round tie on Saturday.
The forward had been providing analysis for Liverpool’s in-house television channel before that but is hoping to play a big part in helping Bolton knock his former side out of the competition this weekend.
"It's a wonderful thing to go back," said Heskey.
"I'm 37, I'm not a young lad; to go back and play at Anfield is a great thing. It wasn't long ago, a few months ago, when I was doing LFCTV so to actually be going back there and putting my boots on and playing against Liverpool is wonderful.”
The game will see Heskey come up against Liverpool captain Steven Gerrard, who is hoping to win the FA Cup on his birthday before leaving for America in the summer.
Former England captain Gerrard has agreed a deal to leave Liverpool and join MLS side LA Galaxy and the FA Cup final, which falls on his 35th birthday, could represent his final chance to win silverware as a Liverpool player.
Heskey, though, admits that he was one of many who raised an eyebrow at the decision when his former colleague’s departure was announced earlier this month.
"I believe he's probably leaving maybe a year or so too soon," he added.
"But he's probably weighed up the options, looked at everything and thinks right now is about the right time."