The Reds captain, who started on the bench in the weekend's 1-0 win over Stoke City, put in a full 90-minute shift to guide his side to victory at the King Power Stadium with a go-ahead goal less than ten minutes into the second half.
But Adam Lallana responded four minutes later with a fine half-volley to notch his 50th league goal of his career before Gerrard edged the Reds ahead in the 54th minute with a well-placed effort past Kasper Schmeichel.
The win saw Brendan Rodgers' side move up to eighth on the table with their second win in a row while Nigel Pearson's Leicester remained bottom due to their nine-game winless run.
Goals from Marouane Fellaini (his first at home for United) and Juan Mata, either side of Steven N'Zonzi's equaliser, led Louis van Gaal's men to another win which has them sitting three points clear of sixth-placed Swansea City.
The Swans produced a 2-0 home win over second-bottom QPR courtesy of second-half goals from Ki Sung-yueng and Wayne Routledge to move past Arsenal along with West Ham United who edged West Bromwich Albion 2-1 at The Hawthorns.
And in the remaining Tuesday night games, Christian Benteke's first league goal since March guided Aston Villa to a 1-0 win at Crystal Palace as Burnley and Newcastle United drew 1-1 at Turf Moor to fall to 10th.
Wednesday night sees the midweek Premier League action continue with the following fixtures:
Arsenal v Southampton (Emirates Stadium) Chelsea v Tottenham (Stamford Bridge) Everton v Hull City (Goodison Park) Sunderland v Manchester City (Stadium of Light) 2014/15 Barclays Premier League - season scores
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