Reds captain Gerrard was on the brink of tears and gathered his players in a rallying huddle after their 3-2 win at Anfield moved them closer to a first Premier League title.
Liverpool, who last won the league in 1990, need to win their four remaining games to clinch the trophy and Hamann believes it would be no less than Gerrard deserves for his magnificent service to the club.
"You have seen how much it means to him with his reaction - pulling the lads together, telling them not to get complacent and to carry on doing the same for the last four games," Hamann told Sky Sports News.
"I've never seen him as emotional and as contagious. The Premier League is the only trophy he's not won with Liverpool and it would be a fitting tribute to his Anfield career if they win the title.
"They have a terrific chance now - it's in their hands. They have difficult games against Norwich and then Chelsea but they're very close to the finishing line now. After 10 straight wins confidence is sky high and I wouldn't put it past them to go and win it."
The Reds will be without Jordan Henderson for three of their remaining games, however, after he was shown a straight red card for a dangerous tackle on Samir Nasri late in the game.
Daniel Sturridge is also struggling with a hamstring problem and Hamann says the run-in has been made even more difficult for Brendan Rodgers' side.
"Henderson will be a massive miss. He's had a terrific season, scored goals and gives them tremendous energy in midfield.
"Joe Allen will probably come in and he did well when he came on, but you want to play your best players and keep a settled team. Liverpool don't have a big squad and Sturridge might be missing too so it's not all rosy."