Gerrard made his debut for the club in 1998 and has since gone on to win two FA Cups, one League Cup, one Uefa Cup and the 2005 Champions League, when he inspired his side to a memorable comeback from 3-0 down against AC Milan.
"I will be 33 at the end of my contract in 2013 and I don't know if I will go any further," said Gerrard, 29, who was named the Football Writers' Association Footballer of the Year for 2008-09 after scoring 24 goals in all competitions.
"If I do retire, then I will know that from the start to the end of my career I only had one club. And I don't want to think about wearing any other shirt in the future.
"I was close to leaving in the past, maybe twice, most notably in 2005. That year we were a long way off the Premier League title and Chelsea's interest turned my head.
"It was a difficult moment for me. However, now when I look back I am very happy that I chose to stay here. It has given me real pride."
The only major trophy to elude Gerrard in his Liverpool career is the Premier League title, as the Merseyside giants haven't finished a season at the summit of English football since 1990.
But Rafa Benitez's side pushed eventual champions Manchester United all the way last season, and Gerrard believes they will be able to mount an even stronger challenge next term.
He said: "I think the experience of defeat will help us next season.
"When you're a player, it's always hell to see other players lifting trophies.
"The team made huge progress last season. Today we are much closer to the title than in the past.
"Manchester United have more depth in their squad than us, we have to be realistic.
"But if we can add two or three quality players to what we already have, we'll be at their level. The summer recruitments will be crucial."