Gerrard said: "He's in top form at a fantastic time.
"I'm obviously disappointed for Theo with his injury but I'm sure Roy Hodgson is looking out for who is going to replace him and Raheem's performances of late have been sensational.
"There are many candidates but if you are looking at like-for-like, pace down the wing, someone who can make, score and create, then Raheem has got a fantastic chance.
"I think he knows what the situation is. I said to him after the game, 'You keep your performance at that level and you are going to make it very difficult for Roy Hodgson not to take you'."
Gerrard added: "He's got all the tools to do it. If you are a full-back you don't want to play against pace and it's pace when it's coming at you all of the time. He keeps going.
"He's relentless, he'll keep going even if he makes a mistake. He's a team player, too. Everyone knows Roy Hodgson likes a wide player who can defend as well.
"He's got everything going for him. Now it's up to him to keep putting in that level of performance."
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