Salah scored twice and set up two as the Reds claimed an emphatic 5-2 win over the Giallorossi on Tuesday night.
The 25-year-old has enjoyed a superb debut season since his summer move from Roma, bagging 43 goals in just 47 appearances in all competitions for Jurgen Klopp's side.
"It's difficult to compare him to your Ronaldo's and Messi's because they've done it for so long and consistently year in year out," Gerrard told BT Sport.
"But without a shadow of a doubt he's the best player on the planet right now.
"I'm running out of words really. Two exquisite finishes. The first one, the accuracy in terms of knocking the stanchion off.
"And the second one, the double run at first to kid Juan Jesus the left centre-back. And then to get in and sit the keeper down with the calmness."
Salah previously also played for El Mokawloon, Basel, Chelsea and Fiorentina.