The midfielder, who recently returned to training after a lengthy layoff, is spending his seventh season with the club.
The 34-year-old told the Baggies' website: "While I've been injured, the club has signed some very good attacking players. It gives the manager more options. It's great for the team to have more competition for places.
"It is the most competitive it has been for an attacking spot in my whole time at the club. We have so many good strikers, wingers and midfielders, so there is big competition for places. I'm sure it is the strongest we have been in those positions in my time at Albion.
"I have to be patient and make sure I make my comeback when I'm fully fit and ready for games. I'm not too frustrated and I'm just happy to be training again. I'm excited but it's important I don't play before I'm ready."
Gera first joined the club in 2004, returning in 2011 after a three-year spell with Fulham.