The Reds legend says that he would not fear tarnishing his reputation by taking the reins at Anfield if the opportunity arose.
The 35-year-old played over 700 times for the Reds in a 17-year professional career at Anfield before leaving for MLS side LA Galaxy upon the expiration of his contract last summer.
After an indifferent first season in California, the former England captain is considering his options and has already agreed a three-year deal to work as a pundit for BT Sport.
However, he is also working on his coaches badges with a view to returning to football after hanging up his boots, and there has already been talk of him making an Anfield comeback one day in some department.
Former players such as Bob Paisley, Graeme Souness, and Kenny Dalglish have taken up the reins at Liverpool after their retirement, to varying degrees of success, and Gerrard insists that he would not be concerned with damaging his reputation if he was asked to lead the club from the dugout.
He told the Echo: "Listen, there’s a possibility it gets left as it is, but there’s also a possibility that one day my phone goes and someone says to me, “We want you to be Liverpool’s number three, two, one.” When you’re me, in my position and that question gets asked, that’s a question that you have to consider very, very seriously.
"But I would only go into a role at Liverpool if I felt I was good enough, if I felt I could contribute. The supporters all around the world know that I’d go in there to give it a 110%.
"I’m not worried about my reputation because my reputation as a footballer for Liverpool Football Club is there, it’s done. I don’t think failing as a manager or failing as assistant manager or as a coach would affect what you’ve done as a player, that can’t change. Could I be criticised as being a bad manager for Liverpool? Of course I can. And I’m scared of it? No."
If Gerrard did one day return to manage the club, then of the former Liverpool players who have previously taken control, Paisley is unquestionably the man he would want to replicate.
The former midfielder won 14 major honours in seven years in the dugout at Anfield, including six league titles and three European Cup triumphs.
Dalglish also enjoyed his first spell in the dugout after taking over as player manager, winning three league titles in the last 1980s, but endured a far less successful second stint for 18 months in 2011 and 2012, whilst Souness's four years in charge were generally unsuccessful.
For now, however, Gerrard continues to play in central midfield for MLS side Galaxy as they look to improve upon a mediocre campaign in his first season at the franchise.