The Uruguayan striker proved to be a hit with Liverpool fans in the second half of last season following his £22m January arrival from Ajax.
Gerrard believes that his 24-year-old teammate, who helped his country to win the Copa America earlier this summer, can eclipse Tevez.
"Luis is a special player, he really is," the Liverpool captain said. "He's so good. His movement, his touch, his awareness and the way he takes his goals is fantastic.
"It's natural you are going to compare him to Tevez because of his build, his shape and the way he plays. But I think he can go on to be even better."
Liverpool begin their Premier League campaign against Sunderland at Anfield on Saturday.