City were rocked by a two-year Champions League ban imposed by UEFA after Financial Fair Play breaches, and the Premier League could also retrospectively act after a separate investigation.
This could lead to City being stripped of their 2013/14 title and it being handed to Liverpool. Gerrard captained Liverpool during the campaign in question, and infamously slipped at Anfield against Chelsea to all but hand City the top flight trophy.
"I read that myself this morning," Gerrard said. "We will wait and see. From a UEFA point of view, it is a real strong sentence or punishment.
"I'm sure they will appeal so we will wait and see what the outcome is on that. Then we will see whether the Premier League act from there.
"I will give you a comment once I know that the Premier League decide to do. But if you look at the severity of the punishment from UEFA, something has gone badly wrong. So I'm really interested to see the outcome of that. Until I get the punishment from the Premier League, I won't comment. But I'm really, really interested in it… for obvious reasons."