The Reds will be crowned as champions if they can win their four remaining Premier League games, as they hold a two-point lead over second place Chelsea at the top of the table.
Gerrard told The Telegraph: "You just hang on to that one small glimmer of hope that one day you can have one small chance, one final go before you hang your boots up, and it's here.
"To be honest, it's the biggest thing on the agenda because I have got to manage them. But they are there, the nerves, the excitement.
"They are there because we have earned the right to have those kinds of feelings. The challenge for me, which just as important as being on the pitch now, is can I control myself and can I get on with my life for the next four weeks. Can I control it."