The 34-year-old has endured criticism after recent performances were deemed inadequate by some fans and pundits.
Marsh told talkSPORT: "Steven Gerrard looks finished. I'm Gerrard's greatest fan and he's been a world-class player for many years.
"At the start of the season I said Steven Gerrard would be playing one year too many, and it looks exactly like that now."
Gerrard announced his international retirement after the World Cup.