The Reds booked their place in the Champions League semi-final draw at the Etihad Stadium on Tuesday night thanks to Liverpool FC’s 5-1 aggregate win.
Liverpool FC were 3-0 winners in the first leg at Anfield courtesy of goals from Mohamed Salah, Alex Oxlade-Chamberlain and Mohamed Salah.
The Reds conceded an early goal at The Etihad after Gabriel Jesus finished past Liverpool FC goalkeeper Loris Karius.
Jurgen Klopp’s side managed to rally and avoid conceding a second goal despite coming under heavy pressure on Eastlands.
Salah equalised in the second half to leave Manchester City requiring four goals before Firmino sealed their spot in the last four.
The Reds signed Virgil van Dijk in a £75m club-record deal in the January transfer window after Liverpool FC spent over £140m last summer.
Former Liverpool FC captain Gerrard believes the Reds will look to enter the summer transfer market to bring in some more classy additions.
“It’s exciting times,” Gerrard told BT Sport.
“The big picture for Liverpool is looking really good. I’m sure in the off-season they’re going to make big signings to strengthen again and you wonder whether they can challenge and go closer in the league as well.
“But short-term, I think they’ll have every confidence they can progress to the final depending on the draw.”
Liverpool FC are in third place in the Premier League table and 10 points ahead of fifth-placed Chelsea FC in pursuit of a Champions League spot.
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