Liverpool have not featured in Europe's elite club competition since 2009 and Gerrard admits what is most important is regaining that status.
"I'd take fourth now," he said.
"We have been out of the Champions League for so long to have that chance to play a couple of qualifiers against sides you should beat - I'd snap your hand off but I am confident we can finish higher.
"The manager mentions the Champions League, he sets us aims and challenges and of course Champions League is the talk around the place all the time - but that was the case when we didn't qualify for it.
"For the players it is the ultimate competition to be involved in and you want to compete against the best.
"All the lads who are a lot younger than me at this club need to play and sample it."
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