Gareth Southgate's side will enter the clash with Sweden knowing that a victory would set up a last-four clash with either Croatia or tournament hosts Russia next week.
The winner of France and Belgium will then be waiting in the final, and Gerrard has said that England "have got a hell of a chance" of making history this summer.
"I am excited and confident they can go and deliver again," Gerrard told reporters. "I thought the mentality and the spirit they showed in the last game [against Colombia] was fantastic.
"They have got the country absolutely buzzing and now the pressure is starting to snowball. Now they have to stay calm and keep doing exactly what they've been doing because they look exciting and the dark horses in the competition.
"They have got a hell of a chance and I don't think us as a nation will get a better chance of going all the way to the final, so I hope they grasp it. I wish them every bit of luck."
England have not reached the semi-finals of a World Cup for 28 years.