The Anfield club are back among Europe's elite after a five-year absence, having finished second in the Premier League last season.
However, Gerrard says that his teammates have no intention of simply making up the numbers as their captain envisages a successful comeback.
"We can't wait to get going," he told talkSPORT. "It's so exciting. We worked really hard last year to get into the top four and now we get rewarded for that by being in the Champions League this season.
"We're not there to make the numbers up though, we want to do well and get as far as we can. It's going to be tough. There are some fantastic teams in it.
"You are almost jealous and envious of the players who have been playing in it over the years, when we've missed out. It's very important we stay in it as well next season."
Brendan Rodgers's side were paired with reigning champions Real Madrid in the group stage, along with Basel and Ludogorets Razgrad, whom they face on Tuesday in gameweek one.