Gerrard echoed manager Brendan Rodgers' mantra that the Merseyside club will take one game at a time, but believes their absence from European competition this season could count in their favour.
He told Sky Sports: "I see Theo Walcott's in the studio - they (Arsenal) lost today and we've won.
"I'm sure there are plenty of people around the Premier League looking out for us because we've got no Europe and we're fresh for every game.
"All we asked for at the beginning of the season was to be in it with 10 games to go, and we're certainly in it.
"Chelsea and Man City are still the favourites, but we just have to keep going and try and win every game and with world-class players in the team like Suarez, you can beat anyone.
"It's important to stay calm and take each game as it comes. We haven't got the experience, but we have got a lot of good things going for us.
"The challenge now is can we go and put in a good performance away at Old Trafford and see where we are with four or five games to go. If we're still in it, then why not?"
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