Reina's future at Liverpool has been the subject of conjecture following the recent arrival of Mignolet from Sunderland.
The Spaniard claims he welcomes Mignolet's arrival on Merseyside and Gerrard expects Reina to battle to keep the No.1 spot feeling competition for places is good for the squad.
"I think who becomes the Liverpool No.1 is going to be Brendan Rodgers' decision, I think he has gone on the record and said he wants to keep Pepe Reina who is a world class goalie and Mignolet had a fantastic season as well so competition for places is going to be really healthy.
"It is going to be an interesting one, we are going to have to keep our eye on it.
"I know Pepe won't give up the No.1 one without a fight. I have experienced him in top, top form and I think on his day he's in the top five keepers in the world so it's going to be an interesting one to keep the eye on."
Gerrard admits he does not know a great deal about some of Liverpool's other signings with Spanish duo Luis Alberto and Iago Aspas joining Mignolet and Kolo Toure as the club's four new faces this summer.
However, he has backed Rodgers' transfer policy and is looking forward to seeing the players in action when pre-season gets underway next week.
"I know very little about them, but I have got a lot belief and confidence in Brendan and the scouting department that they are going to make the right decisions and I have seen bits and bobs of new signings we have made," added Gerrard.
"I am really looking forward to getting back to work next week and seeing what the new players have got to offer and see if they can help strengthen our squad to put in a better fight for a top four finish."