Reina has been linked with a move to both Barcelona and Arsenal, but Gerrard believes that the keeper won't be going anywhere.
"I think who becomes the Liverpool number one is going to be [manager] Brendan Rodgers's decision, I think he has gone on the record and said he wants to keep Pepe Reina who is a world class goalie and Mignolet had a fantastic season as well so competition for places is going to be really healthy," Gerrard told Sky Sports News.
"It is going to be an interesting one, we are going to have to keep our eye on it. I know Pepe won't give up the No.1 one without a fight. I have experienced him in top, top form and I think on his day he's in the top five keepers in the world so it's going to be an interesting one to keep the eye on."
Reina joined Liverpool in 2005.