With owners Fenway Sports Group willing to invest heavily in players for the long-term future - having recently signed England Under-21 midfielder Jordan Henderson in a £20million deal - Gerrard is optimistic they can match Manchester United and he will win more trophies before the end of his Anfield career.
"As a Liverpool fan and a player it's frustrating when you see your arch-rivals lifting trophies but you've got to give credit where it's due. They've won it, they've overtaken us," said the 31-year-old.
"Now the challenge for us is to equalise. We've got to make sure we've got a squad capable of going into the season and competing with Manchester United.
"It's a big statement by the club getting a big signing in early and now we're watching anxiously for a few more to follow. It's exciting times.
"It's important this team delivers very soon because we've been a number of seasons without putting a trophy in the cabinet and that's not what Liverpool is about.
"I want to play well, I want to score goals - but it's much more important that the team plays well and we all end the season happy."