The Reds skipper's long-term ambitions will likely dictate his short-term future.
Whether Brendan Rodgers has the 34-year-old in his long-term plans is unknown (although he almost certainly does) and whether Gerrard would be tempted by the prospect of winning a league title elsewhere, who knows?
But what we do know is that the Reds skipper absolutely loves the club - and it means everything to him.
The fact that Rodgers now seems to have identified the perfect role for him on the pitch may preserve the Liverpool captain's legacy, although that was never in doubt to those at Anfield who truly follow the club.
And something else that will boost Gerrard's already unquestionable legacy is what the midfielder will do during life after football.
Management is surely an option and, as such a Merseyside man through and through, the position of Liverpool manager will surely be the 34-year-old's one day should he choose to pursue it.
Could that be the key reason he won't leave Liverpool right now?
If Gerrard has designs on the top job at Anfield one day, leaving the Reds to join a rival in the twilight of his career is something that may - even if only slightly - reduce the chances of that happening.
“Even with the likes of Steven - he’s been there a long time - does he have any right to be a manager straight away at Liverpool? It's a difficult one. It happened with Kenny Dalglish," Kop legend Phil Thompson explained to Sky Sports earlier today.
“I would think he would like to start coaching at a first-team level. As a first-team coach I think would be ideal, or an assistant manager.”
That sounds like the perfect transition.