Gerrard told the Liverpool Echo: "If he goes to Arsenal, it obviously makes our season that bit more difficult," he said. "It strengthens them an awful lot and they are our rivals for a top four position. From the club's point of view it doesn't make sense at all, no matter how much money is put on the table.
"Luis wants Champions League but so do I. If he was to stay around for 12 months and we achieved a top four finish, there is no better place in the world to play Champions League football than in front of an Anfield crowd.
"You only have to walk around this training ground to see some of the quotes from top players and top managers around the world when they talk about atmospheres on a Champions League night. Surely, you want to play Champions League with Liverpool rather than anyone else.