The Reds have not won the title for more than 20 years and have struggled to keep in touch with Manchester United, Arsenal, Manchester City and Chelsea in recent campaigns, but Gerrard is optimistic for the future.
"Is success around the corner? I hope so," said the midfielder, who signed a two-year contract extension last week.
"We have bought well in the off-season and if we can get another two players in key areas then we have a good chance."
Gerrard feels manager Brendan Rodgers is slowly turning around the club's fortunes and has urged Liverpool's owners to keep backing him.
"We have a great relationship," he said. "Brendan has shown a lot of faith in me both on and off the field. It is early days, but I am sure our relationship will continue to grow.
"We are moving in the right direction. We are playing nice football and hopefully the owners continue to back him and he is able to add to the squad to make it stronger so we can compete for trophies."