The Reds skipper was on the verge of a £32m move to the Blues in the summer of 2005, just weeks after inspiring the Merseyside outfit to their fifth European Cup.
But Gerrard decided to stay at his boyhood club and went on to score twice in their FA Cup triumph in 2006 before winning the League Cup for a third time last season.
But despite the London club’s success, Gerrard insisted that he was happy with his decision.
“It is the club I have supported since I was a boy and I’m in such a privileged position to captain the team,” said Gerrard.
“It [a move to Chelsea] was very close but I have no regrets and am absolutely delighted I stayed loyal to Liverpool.
“A lot of people talk about my loyalty to Liverpool but what rarely gets mentioned is Liverpool’s loyalty to me.
“I’ve been there since I was eight and the contracts kept coming, the love kept coming, they have always supported me on and off the pitch.
“A football career is like a roller coaster, it is up and down and you learn from your mistakes on and off the pitch.
“But no matter what I have done I’ve always had fantastic people around me at the club. I think Liverpool deserve a big thank-you from myself for the loyalty they have shown to me.”