| Last updated
The Reds are closing in on a first league title for 30 years after a stunning season under the German boss.
Currently 25 points clear at the top of the league, Liverpool could even win the title away at bitter rivals Everton on Sunday if Manchester City lose at home to Arsenal on Wednesday.
Klopp is almost certain to follow up the club's sixth European Cup triumph with the club's first Premier League title and Gerrard believes he will move into the same category as Liverpool legends such as Bill Shankly, Bob Paisley and Kenny Dalglish.
And he feels work on a statue to commemorate his achievements should start imminently.
"Knowing Jurgen, he won't want to be put in that bracket," former Liverpool skipper Gerrard told The Athletic.
"I know what he's like, he's humble and respectful. When you look at the scale of the job he's done, for sure he deserves to be mentioned in the same breath as those iconic managers.
"What you need to take into consideration is that when Jurgen took over Liverpool they weren't close to being the best team in the country, they weren't even in the top four.
"To come to Liverpool when he did, get to the amount of finals that he has, deliver the sixth European Cup and then deliver the first league title after 30 years...
"For me, someone like Jurgen should be rewarded now. It seems like in football we often wait until people get older before their achievements are fully recognised.
"But I know the owners of Liverpool won't let that happen. When Jurgen delivers the league they should already be starting work on a statue of him."
Gerrard, who scored 186 goals in 710 appearances for Liverpool and will go down as one of the club's greatest ever players, famously failed to lift the Premier League with the Anfield outfit.
He told Jamie Carragher that Liverpool doing the business this year would help him get over the fateful slip that cost him and his beloved side in 2014, and now says the title triumph will make him incredibly happy and proud.
The Rangers boss added: "For me, there will be a lot of relief. Being a fan for a lot of those years and being a player and coming ever so close, you know that this is the one that people have craved.
"This is the bread and butter of the club. I grew up watching all the successful Liverpool teams winning leagues. Unfortunately, I wasn't able to do it myself.
"I'm a fan now and I always will be until the day I go into a grave. When they get it done and they lift that trophy, it will be 100 per cent happiness for me. I can't wait for it. I'll be the proudest man on the planet."
Chosen for YouChosen for You
Most Read StoriesMost Read