Gerrard knows Liverpool's four-year absence from Europe's elite club competition has been a major blow to their status. (Agencies)
Reds striker Luis Suarez is keen to leave Anfield for a club competing regularly in the Champions League, while Liverpool manager Brendan Rodgers was unable to sign top transfer target Henrikh Mkhitaryan from Shakhtar Donetsk last month when the Armenian opted to join Borussia Dortmund instead.
Gerrard goes into his testimonial against Olympiakos on Saturday with Suarez's desire to quit overshadowing his big occasion.
The England midfielder has told Suarez he wants him to stay despite two bids from Arsenal, but admits until Liverpool regain their top-four place they will struggle to convinced the world's best to come to Merseyside.
"I think the only person who knows what's happening is Luis himself," Gerrard said on Friday.
"He has a huge decision to make and, as his team-mate, I have to show him respect and give him space to make whatever decision he wants to make,” he said.
"But I think everyone knows how highly I rate him and how much I want him to stay, and what we can achieve this season basically depends on whether he stays or goes, I believe,” he added.
Gerrard knows Liverpool's four-year absence from Europe's elite club competition has been a major blow to their status.