The 33-year-old midfielder is excited by the prospect of this season being his best chance to win the only domestic honour which has eluded him in a glittering career.
However, he would "snap your hand off" for a fourth-place finish - even if he feels the club can achieve better.
Liverpool were top on Christmas Day and the last team not to win the title having held that position were the Reds in 2008 but they are fourth heading into the weekend and Gerrard has high hopes.
"This is probably my best chance to surprise this country and countries throughout the world to maybe nick the Premier League," he told Sky Sports.
"Sitting here in the middle of January I have a fantastic chance of having a right good crack and getting involved in a title race.
"I've finished second on a couple of occasions but we've never come really close.
"If we perform like we have done over the last couple of months we can get involved in the title race so that is very exciting.
"It scares me in a way because I don't know how I'd handle myself.
"When I won the Champions League (in 2005) the week after that talk about being on cloud nine or over the moon - all the cliches - it was better than that.
"If I could add a Premier League title to my collection it would mean the world to me, it would probably be the best day of my life besides my kids being born.
"I think it would top the Champions League because it is the one I haven't got."
Gerrard, only half in jest, suggested he would go to extreme lengths to secure his first title.
"If someone said to me now 'Cover half your body in tattoos and you'll win the Premier League' I'd do it tomorrow," he added.
The Reds have a six-point gap to close on leaders Arsenal but of more significance is keeping the likes of Everton, Tottenham and Manchester United at bay.
Liverpool have not featured in Europe's elite club competition since 2009 and Gerrard admits what is most important is regaining that status.
"I'd take fourth now." he said.
"We have been out of the Champions League for so long so to have that chance to play a couple of qualifiers against sides you should beat - I'd snap your hand off but I am confident we can finish higher.
"The manager mentions the Champions League, he sets us aims and challenges and of course Champions League is the talk around the place all the time - but that was the case when we didn't qualify for it.
"For the players it is the ultimate competition to be involved in and you want to compete against the best.
"All the lads who are a lot younger than me at this club need to play and sample it."