The 34-year-old has made over 480 appearances for Liverpool since his debut in 1998, scoring 118 goals.
Gerrard has been linked with a move away from Liverpool as there is speculation from both American and English clubs all chasing the former England captain's signature.
But maybe this is a good thing for Liverpool, and an even better option for Gerrard.
When you look back at what Gerrard has achieved you can't help but wonder what is left to gain at his boyhood club?
The Premier League title is always muttered under the Englishman's name but with last season being a perfect opportunity, Brendan Rodgers' men may not have another chance to clinch the title in the captain's playing career.
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The 34-year-old in the past has single handedly helped Liverpool win both the FA Cup and UEFA Champions League, but at the same time has seen players come and go whilst turning down the opportunity to move on himself.
The proposed move to Chelsea may have worked, as it was looking destined to happen, but his love for the club forced him to stay in Merseyside.
It would seem better then to go out and play a few more seasons abroad or even with a title challenger to possibly gain the accolade he has been chasing for so long.
Do Liverpool need him?
However with Liverpool, they need a change in the midfield for they have been relying on the 34-year-old too much in recent weeks.
Early on in the season we saw teams man-mark the threat of Gerrard throughout a game, and in response Liverpool had no real say in the game.
Currently sitting seventh in the Premier League table, Liverpool recently suffered a 1-0 defeat to Newcastle a game where they didn't really supply any dangerous threat.
As it seems if Gerrard was to leave then Rodgers would have the chance to introduce a new style/motive of play instead of relying on an experienced head to see out a result.
Their league standing compared to last season is nowhere near as clinical, and this would be the perfect time to rebuild and head into next campaign thriving.
The likes of Raheem Sterling and Jordan Henderson can offer some great talent for Liverpool, but maybe in January it is about buying two more centre-midfielders who offer a different role to Gerrard.
Because at the moment there is no powerhouse in that team; no Nemanja Matic, no Yaya Toure; no player who can win a tackle and drive the team forward into an attack.
That is the difference between what will make Liverpool a title contender and a team battling it out for a Europa League spot.
For both parties the best option is to part ways.
Gerrard should play for a team he feels confident that success could come their way quickly, and in the years he remains playing.
While Liverpool need a new solution in that midfield, and with the departure of Gerrard it could be the kick up the backside Rodgers has needed to find a new player.
One thing for sure is that Liverpool won't cause any threat this season to the top four, as their squad is not good enough, but next year may be a different story.