Last season's second-place finish in the Premier League ensured that the Reds are poised to face off with Europe's elite for the first time since the 2009-10 campaign.
Gerrard, who famously inspired Liverpool to their fifth and most recent Champions League title back in 2005, is now chomping at the bit following five years of "jealousy".
"When you watch the Champions League and you're not involved there's jealousy and envy seeing other players play on the big stage and hearing that Champions League music," he told The Mirror.
"You are competing against the best players in Europe and it is the number one competition in the world to play in.
"It is the trophy every player dreams of winning and because of the experience I have gained over the years I was so desperate to taste it again, even if it was just one more time."
Brendan Rodgers's side will face current holders Real Madrid, Basel and Ludogorets Razgrad in Group B this season. Ludogorets represent Liverpool's first test as the Bulgarian outfit travel to Anfield on September 16.