The former captain says a similar moment will decide the title race between Leicester City and Tottenham Hotspur.
The former Reds captain infamously slipped in the clash with Chelsea back in 2014, with Demba Ba capitalising to send Jose Mourinho’s side on the way to a 2-0 win.
The result effectively ended Liverpool's title hopes that season as Manchester City went on to win it and leave Gerrard thinking of what might have been.
He has since admitted the moment still haunts him, but now says he wishes he had made a genuine mistake rather than slipping.
“I know what everyone is thinking reading my thoughts on a title run-in… wondering what I think about 'that’ slip,’ he told the Telegraph.
“I recall numerous details about that title bid that no-one talks about now, such as an untimely injury to Daniel Sturridge before we played Chelsea and a sending off for Jordan Henderson against Manchester City.
“All these things contributed. I look back and wish I had made a genuine mistake – something I could have avoided – rather than just slipped.”
The former midfielder was speaking as the Premier League title race heats up this season.
Both Leicester City and Tottenham Hotspur are currently fighting at the top of the table, with the Foxes five points clear at present.
A big turning point could be the sending off of Jamie Vardy last weekend, and Gerrard has warned that either side will be facing the same contemplation he does when the season concludes.
“Leicester and Spurs players know a similarly defining action can happen at any time,” he added.
“Whatever happens, for better or worse, someone from Leicester or Spurs is going to have to enjoy or endure re-runs of the title winning moment for the rest of their lives.”