The talismanic midfielder captained Liverpool to the European crown with a dramatic victory over AC Milan in Istanbul in a memorable finale, but admits it is the English title he craves so dearly.
Liverpool find themselves well in contention this season, currently sitting fourth, just six points behind league leaders Arsenal, and the Reds captain believes it is the most competitive title race in years.
Gerrard has been at Anfield 16-and-a-half years but is yet to lift the Premier League trophy and admits words would not be able to describe the feeling should he be able to do so come May.
"[Winning] it scares me really," Gerrard told Sky Sports' Geoff Shreves in an exclusive interview.
"I don't know how I'd handle myself. When I won the Champions League, for the week after, talk about being on cloud nine, all your clichés, it's even better than that.
"If I could add a Premier League title to my collection it would probably be the best day of my life besides my kids being born; I think it would almost top the Champions League because it's the one I haven't got."
Only one team has finished outside the top four with 21 wins in a season - Tottenham last term - and with 18 games to play and nine victories required to meet that target, Gerrard sees no reason why Liverpool will not be competing among the continent's elite next year.
"That gives us hope, I'm confident we can get that amount of wins to get us in the top four but it's easier said than done," he added.
"We've got some very difficult fixtures coming up but our home form is very good and if we can click away from home, I'm very confident we can get in there.
"If you offered me fourth spot now, yes [I would take it]. The reason I would take it is we've been out of the Champions League for so long, the chance to get Champions League football back here at Anfield, I'd snap your hands off."
Gerrard was forced to sit out the hectic Christmas period due to a hamstring injury and concedes that watching from the sidelines is a difficult experience for any player, and was made even more so by their title tilt.
"I think any footballer would echo being out is the worst time, you feel out of it, you don't feel part of the group, it can be lonely when you're in the gym doing your rehab," he said.
"To be back in amongst the group and training and I've had some minutes, I'm ready to fire now, hopefully I'll be in from the start.
"It was made worse because of the games I knew I was going to miss, Spurs away, City away, Chelsea away, three of the biggest games you play when you're fighting for a top four position.
"When I got the scan results I was told four to six weeks initially, so I knew the whole of the Christmas period I wasn't going to be available, so it was disappointing but even more so because of the games we were playing."
Only 16 points separate mid-table and the Champions League qualification spots this season and England captain Gerrard believes Liverpool could benefit from the tight competition, should they maintain their solid start, starting at Stoke on Sunday.
"I think the teams in the middle of the Premier League are very strong now, I think the league is improving year-by-year," he added.
"It gives us a fantastic opportunity to stay in amongst it. If we find some consistency we believe we can take one of the top four places and that was our aim at the beginning of the season.
"I think from positions four down to 14 you're in for a hell of a game, you're not guaranteed to take maximum points."
Despite Liverpool's home form under Brendan Rodgers showing signs of strength, the 33-year-old admits there is work to be done on the road if they are to become genuine title contenders.
"I think the key is always your home form, over the years we've dropped silly points at home, teams have come to Anfield with an attitude of 'we've got a chance'; but if you look at our home form under Brendan, it has been very strong and very consistent," Gerrard said.
"If you get your home form right, then you can build on your away form. Our away form's been a little bit inconsistent but that's what we're working on and if we can get that right we'll be a force in this league."