Liverpool have suffered a dismal start to the season, lying 16th in the League with only five points from as many games and suffering the humiliation of being bundled out of the Carling Cup by League Two Northampton Town on Wednesday.
Gerrard said: "A realistic target is to try to get back in the top four. Winning the title, of course, is a possibility because there's a chance it can happen.
"But realistically, our focus is to finish in the top four.
"If we finish first, second or third, fantastic, great, and we certainly won't give up on that, we'll fight all the way to the end.
"But at the start of the season, you have targets and from a realistic point of view, after finishing seventh last season, our target was always to get back in the top four."