Gerrard is set to join MLS side La Galaxy in the summer, bringing an end to his 18-year association with the club and handing over his captaincy in the process.
This weekend sees him come up against rivals Everton at Goodison Park in his 33rd and potentially final Merseyside derby on Saturday - and he is keen for the club to keep hold of two of their star players.
Liverpool midfielder Henderson’s deal runs out at the end of next season, while Sterling’s contract runs until 2017. And their captain says it is vital both players are tied to new long-term and improved contracts as soon as possible.
"They need to sign him (Sterling) now,” said Gerrard.
"I see Henderson with a year left, Sterling - it’s in the paper too much and there is no smoke without fire. For me the message to the club is to get these done sharpish.”
Gerrard believes getting these players to sign new contracts is vital for the club in the long-term, more so because he wants to see his current team-mates challenging for honours in the future.
Brazilian midfielder Philippe Coutinho has recently signed a new contract at Liverpool that will see him tied to the Anfield outfit until 2020 - and Gerrard says these are the stars that are going to deliver for the club going forward.
“These [players] are the future of the club and I want to watch this team do well,” added Gerrard.
“I want to see them in cup finals, I want to see them challenging for leagues, and it is them - Sterling, Henderson, Daniel Sturridge, Coutinho who they have just signed up - who are the players who are going to deliver. It’s vital we get them done before it’s too late."